KARACHI: The Board of Directors of Engro Corporation Limited has approved Junaid Iqbal as the successor to Ahsan Zafar Syed as President and Chief Executive Officer (CEO) of the company, with the transition scheduled to take effect in April 2027.
Engro Holdings Limited announced that Iqbal, who currently serves as Advisor to the CEO of Engro Holdings, will assume the role after completion of Ahsan Zafar Syed’s term in April 2027.
The succession plan is part of Engro’s preparations for its next phase of growth, with the group seeking to build on its existing industrial businesses and capabilities while developing new platforms intended to generate long-term value and attract capital.
According to the company, Engro has developed capabilities over more than six decades in engineering, project development, execution and corporate governance.
These capabilities are expected to remain the foundation of its businesses as the group looks to expand into new growth platforms and address evolving requirements of the economy.
Iqbal brings experience across technology, finance and media and has worked on scaling and transforming businesses in complex operating environments.
At Careem, he scaled the company’s Pakistan business, led its Saudi Arabia market and subsequently served as Managing Director and Global Head of Careem Pay.
Earlier, as Chief Executive Officer of Elixir Securities, Iqbal helped reposition the firm and worked on privatisation transactions, including the government’s USD 1 billion sale of a 40 percent stake in Habib Bank Limited (HBL).
Engro said Iqbal’s experience in platform building, capital allocation and partnership development would complement the group’s existing capabilities as it seeks to develop its portfolio and generate sustainable long-term returns.
The Board also acknowledged the contribution of outgoing President and CEO Ahsan Zafar Syed, who will continue to lead Engro Corporation until the completion of his current term in April 2027.
During Syed’s tenure, Engro Corporation achieved several milestones, including the Supplemental Implemen-tation Agree-ment for Engro Vopak Terminal Limited (EVTL), the reintegration of thermal assets into the company’s portfolio and transactions including the Deodar and Engro Polymer and Chemicals Limited (EPCL) deals.
The company also said Engro Corporation was consistently recognised among the leading companies on the Pakistan Stock Exchange during his tenure.
Following completion of his term as President and CEO, Syed will be elevated to the position of Counsel to the Chairman of Engro Holdings.
The new role will allow Engro to continue benefiting from his experience and institutional knowledge.
The company said the transition period between now and April 2027 would be used to facilitate a structured handover. During the period, Iqbal will engage with Engro’s businesses and operations to develop a deeper understanding of the organisation and its operations.
Under Syed’s mentorship, Iqbal will also contribute to key strategic priorities before formally taking over as President and CEO of Engro Corporation in April 2027.
Engro said the planned transition reflected its approach to succession planning, corporate governance and leadership continuity, with the incoming CEO expected to build on the group’s existing businesses and capabilities while supporting its next phase of growth.
Copyright Business Recorder, 2026
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