PSX chief Farrukh H. Khan set to join Jazz as CFO

Farrukh H Khan, who resigned from his positions of CEO and Managing Director of Pakistan Stock Exchange (PSX), is set to join telecom operator Jazz as its Chief Financial Officer (CFO), it was learnt on Monday.

Farrukh will join the telecom operator with effect from September 15th, 2024, sources confirmed to Business Recorder.

“Farrukh brings with him an impressive track record with over 30 years of experience at the helm of major financial institutions,” the source added.

Farrukh Khan has in the past held leadership roles as CEO of Acumen Fund, co-founder and CEO of BMA Capital Management, and CFO at American Express.

It’s been quiet at PSX, but its CEO is upbeat

Last week, it was announced that Farrukh Khan has resigned from the position of CEO of PSX to “pursue other opportunities”, nearly a year and a half before his tenure was set to end.

Farrukh Khan joined PSX in February 2020 at the time when Covid outbreak took place in Pakistan.

Under Farrukh’s tenure, PSX activated the IPO window after a hiatus of 18 months. The Growth Enterprise Market (GEM) Board was introduced while debt market makers were signed on and activated.

Later, in a separate statement, Aamir Ibrahim, CEO of Jazz & Chairman Mobilink Microfinance Bank Limited (MMBL) confirmed the development.

“We welcome Farrukh Khan to our leadership team. His rich expertise and leadership in capital markets are crucial as we evolve into a ServiceCo,” he was quoted as saying.

The announcement comes at a time when the telecom operator pursues growth from several sectors including financial services, software development, data centers & cloud solutions, and entertainment.

“With a projected compound annual growth rate of 20%+, Jazz aims to double its revenue by 2027, with significant contributions from its new ventures including the fintech platform JazzCash, cloud offering Garaj, and the digital streaming service Tamasha,” the company statement added.