KARACHI: Adeeb Ahmed was appointed as the acting Chief Executive Officer (CEO) of K-Electric on Friday, ARY News reported.
The appointment was made during a meeting of the K-Electric Board of Directors held to discuss the leadership role.
The board reached a decision to appoint Ahmed as the acting CEO of Karachi’s sole power provider.
Adeeb Ahmed is a seasoned veteran of the company, having served as a director at K-Electric since 2019.
According to K-electric website
Mr. Adeeb Ahmad’s career spans 34 years including C-suite roles. He has been involved in managing private equity funds, M&A and transformation focused on energy and other infrastructure sectors across MENA, Turkey, CIS, Southeast Asia, and Pakistan.
He has been engaged with investment banking institutions in the GCC and Pakistan leading several M&A, privatization and capital raising assignments. He recently served as the CEO of Hascol Petroleum Limited.
He has also served as Senior Advisor to the CEO and Deputy CEO-Designate at Islamic Corporation for the Development of the Private Sector (ICD) in Saudi Arabia. He holds an M.Sc. from the LSE, UK, and an MBA from IBA, Karachi.
Earlier, Moonis Alvi has resigned from his position as Chief Executive Officer of K-Electric, the company’s spokesperson confirmed.
The information has been formally shared with the Pakistan Stock Exchange, according to K-Electric.
In a statement on X, Moonis Alvi said institutions are always greater than individuals, and the organisation’s improvement has remained his top priority.
“After 18 years with K-Electric, including almost 8 as CEO, I have decided to step down. It has been an honour to serve an institution so central to Karachi’s life, alongside some of the most resilient and committed professionals I know. I will support a smooth transition,” Moonis Alvi said.
Earlier, Sindh Governor Kamran Khan Tessori overturned the punishment awarded to K-Electric Chief Executive Officer Moonis Alvi in a workplace harassment case, providing major relief to the power utility’s top executive.
In a notice to the Pakistan Stock Exchange (PSX), K-Electric said the governor had set aside the impugned order passed by the Provincial Ombudsman Sindh against Moonis Alvi.
According to the company, the decision was issued by the governor in exercise of powers under Section 9 of the Protection against Harassment of Women at the Workplace Act, 2010, after hearing arguments from the concerned parties and reviewing the relevant record.
“The Governor of Sindh has set aside the impugned order passed by the Provincial Ombudsman Sindh,” the company said in its statement.