Former Careem Pay head Junaid Iqbal appointed Engro Corp CEO-designate

Engro Holdings Limited on Monday announced that the Board of Directors of Engro Corporation Limited, a wholly-owned subsidiary, has approved Junaid Iqbal as the successor to Ahsan Zafar Syed for the role of President and CEO of Engro Corporation.

“This is to inform that the Board of Directors of Engro Corporation Limited (“ECORP”), a wholly owned subsidiary, has approved the appointment of Junaid Iqbal as the ‘President & CEO – Designate’ of ECORP,” Engro Holdings said in a filing to the Pakistan Stock Exchange (PSX).

Junaid Iqbal currently serves as advisor to the CEO of Engro Holdings and, upon completion of Ahsan Zafar Syed’s term in April 2027, will assume the role of President and CEO, read a statement.

Engro said that Junaid Iqbal’s has built, scaled, and transformed businesses in complex environments.

“At Careem, he scaled the Pakistan business, led the Saudi Arabia market, and later served as Managing Director and Global Head of Careem Pay.

“Earlier, as CEO of Elixir Securities, he helped reposition the firm and worked on privatisation transactions, including the government’s $1 billion sale of a 40% stake in HBL,” read the statement.

The Board also thanked Ahsan Zafar Syed for his contributions, noting that he would continue to lead Engro Corporation for the rest of his term.

During Ahsan’s tenure, Engro Corporation achieved significant milestones, including the Supplemental Implementation Agreement for EVTL, the reintegration of thermal assets into the portfolio, and key transactions including the Deodar and EPCL deals.

Under his leadership, Engro Corporation was also consistently recognised among the leading companies on the Pakistan Stock Exchange.

Upon completion of his term, Ahsan Zafar Syed will be elevated as counsel to the Chairman of Engro Holdings.

“The coming months will support a structured and seamless leadership transition. During this period, Junaid Iqbal will engage closely with Engro’s businesses and operations.

“Under Ahsan Zafar Syed’s mentorship, he will also contribute to key strategic priorities before formally assuming the role of President and CEO of Engro Corporation in April 2027,” the company said.