Engro Corporation announces Mr. Junaid Iqbal as the successor for the role of President and CEO of Engro Corporation, effective April 2027

Karachi, September 21: Engro Holdings Limited (“Engro Holdings”) today announced that the Board of Directors of Engro Corporation Limited (“Engro Corporation”) has approved Mr. Junaid Iqbal as the successor to Mr. Ahsan Zafar Syed for the role of President and CEO of Engro Corporation. Mr. Junaid Iqbal currently serves as Advisor to the CEO of Engro Holdings and, upon completion of Mr. Ahsan Zafar Syed’s term in April 2027, will assume the role of President and CEO.

The succession plan reflects Engro’s next phase of growth. Over six decades, Engro has built strong industrial businesses and developed deep capabilities in engineering, project development, execution, and governance. These businesses and capabilities remain the foundation of the Company’s success. Looking ahead, Engro sees opportunities to build on these strengths while creating new platforms for growth that can generate long-term value, attract capital, and continue addressing important needs in the economy.

Mr. Junaid Iqbal’s experience is aligned with this ambition. Across technology, finance, and media, he 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 privatization transactions, including the Government’s USD 1 billion sale of a 40 percent stake in HBL. His experience in platform building, capital allocation, and partnership development complements Engro’s existing strengths and will support the Company’s next phase of growth as it looks to enhance its portfolio to deliver sustainable long-term returns.

The Board also thanked Mr. Ahsan Zafar Syed for his exceptional contributions, noting that he would continue to lead Engro Corporation for the rest of his term, as he has done with distinction. During his tenure, Engro Corporation has 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 recognized among the leading companies on the Pakistan Stock Exchange. Upon completion of his term, Mr. Ahsan Zafar Syed will be elevated as Counsel to the Chairman of Engro Holdings, enabling the Company to continue benefitting from his experience and institutional wisdom.

The coming months will support a structured and seamless leadership transition. During this period, Mr. Junaid Iqbal will engage closely with Engro’s businesses and operations, gaining a deep understanding of the organization and the collective contributions that drive its long-term success. Under Mr. 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. This transition reflects Engro’s longstanding commitment to thoughtful succession planning, strong corporate governance, and continuity of leadership.