Junaid Iqbal Named Successor to Engro Corporation CEO Ahsan Zafar Syed

KARACHI, September 21: Engro Holdings Limited has announced that the Board of Directors of Engro Corporation Limited has approved Junaid Iqbal as the successor to President and CEO Ahsan Zafar Syed.

Iqbal currently serves as Advisor to the CEO of Engro Holdings. He will assume the role of President and CEO of Engro Corporation after Syed completes his term in April 2027.

Engro Plans Leadership Transition

The company said the succession plan is part of Engro’s next phase of growth. The group has built extensive capabilities across industrial businesses, engineering, project development, execution and corporate governance over more than six decades.

Engro said these capabilities will remain central to its strategy. At the same time, the company plans to develop new platforms that can support long-term value creation, attract capital and address key economic needs.

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Iqbal’s professional background spans technology, finance and media. His experience includes building and scaling businesses in complex markets.

At Careem, he scaled the company’s Pakistan operations and led its Saudi Arabia market. He later served as Managing Director and Global Head of Careem Pay.

Earlier, Iqbal served as CEO of Elixir Securities. During his tenure, he helped reposition the firm and worked on major transactions, including the government’s $1 billion sale of a 40% stake in Habib Bank Limited.

Engro said his experience in platform development, capital allocation and partnership building complements the company’s existing strengths.

Ahsan Zafar Syed to Continue Until April 2027

The Board also thanked Ahsan Zafar Syed for his contributions to Engro Corporation.

Syed will continue to lead the company until the completion of his term in April 2027.

During his tenure, Engro Corporation achieved several major milestones. These included the Supplemental Implementation Agreement for Engro Vopak Terminal Limited (EVTL), the reintegration of thermal assets into the portfolio, and key transactions such as the Deodar and EPCL deals.

The company also said Engro Corporation was consistently recognized among the leading companies on the Pakistan Stock Exchange during his leadership.

Following the completion of his term, Syed will become Counsel to the Chairman of Engro Holdings. The new role will allow the group to continue benefiting from his experience and institutional knowledge.

Structured Transition Ahead

Engro said the coming months will focus on ensuring a structured and seamless leadership transition.

During this period, Iqbal will work closely with Engro’s businesses and operations. The engagement will give him a deeper understanding of the organization and the teams supporting its long-term performance.

Under Syed’s mentorship, Iqbal will also contribute to key strategic priorities before formally taking charge as President and CEO in April 2027.

The company said the planned transition reflects its focus on succession planning, corporate governance and leadership continuity.