Wateen finds replacement for its first CEO
Naeem Zamindar confirmed in a board meeting held December 8.
KARACHI:
Wateen has found a replacement for the company’s chief executive officer (CEO) who has increased the company’s initial $35 million investment by a factor of 10 to $353 million. Friday will be Tariq Malik replacement’s first day in Wateen’s Lahore office.
Naeem Zamindar, who was confirmed as CEO in a board meeting held on December 8, will pick up where Malik left off. Zohair Khaliq was also confirmed as a new director during the meeting.
According to Wateen’s official spokesperson, Salman Mazhar, the former CEO resigned because of personal reasons. Malik said that he would take a few months off for holidays and might consider an independent startup.
Mazhar added that Malik will be opening up shop in Pakistan of all places, which is something exciting to look forward to, according to independent telecom analysts.
Officials said that job stress had been worrying Malik slightly and there had been rumours of him falling sick and not coming in for weeks on end.
Interestingly, Mazhar said that Malik might stay on with the company as a consultant for a few months. This move might help the company get used to life without him, speculated industry observers.
Malik said that he had informed the company that he wanted to resign back in January and that he had submitted an official resignation letter in July. It has taken the company more than 10 months to find a replacement for Malik.
“It was also a matter of Malik honouring his contract, though that does not at all mean that he did not want to stay on,” said Mazhar who added that taking this long to find a replacement was the norm for a company such as theirs. “Wateen is subject to SECP regulations, a public limited company. The CEO cannot just resign and leave everything in the middle. There has to be due process,” he added.
Malik himself said, while talking to The Express Tribune, that he was glad to stay on up till now and help the company after his resignation.
Published in The Express Tribune, December 10th, 2010.
Wateen has found a replacement for the company’s chief executive officer (CEO) who has increased the company’s initial $35 million investment by a factor of 10 to $353 million. Friday will be Tariq Malik replacement’s first day in Wateen’s Lahore office.
Naeem Zamindar, who was confirmed as CEO in a board meeting held on December 8, will pick up where Malik left off. Zohair Khaliq was also confirmed as a new director during the meeting.
According to Wateen’s official spokesperson, Salman Mazhar, the former CEO resigned because of personal reasons. Malik said that he would take a few months off for holidays and might consider an independent startup.
Mazhar added that Malik will be opening up shop in Pakistan of all places, which is something exciting to look forward to, according to independent telecom analysts.
Officials said that job stress had been worrying Malik slightly and there had been rumours of him falling sick and not coming in for weeks on end.
Interestingly, Mazhar said that Malik might stay on with the company as a consultant for a few months. This move might help the company get used to life without him, speculated industry observers.
Malik said that he had informed the company that he wanted to resign back in January and that he had submitted an official resignation letter in July. It has taken the company more than 10 months to find a replacement for Malik.
“It was also a matter of Malik honouring his contract, though that does not at all mean that he did not want to stay on,” said Mazhar who added that taking this long to find a replacement was the norm for a company such as theirs. “Wateen is subject to SECP regulations, a public limited company. The CEO cannot just resign and leave everything in the middle. There has to be due process,” he added.
Malik himself said, while talking to The Express Tribune, that he was glad to stay on up till now and help the company after his resignation.
Published in The Express Tribune, December 10th, 2010.