KARACHI: K-Electric (KE) Board of Directors has appointed Tayyab Tareen as board chairman whereas the current CFO Moonis Alvi has been given the charge of leading the company as the interim CEO. The changes are effective immediately, read a press release issued here on Thursday.
Tayyab Tareen, moving from his role of KE CEO to Chairman, has over 25 years of experience, mainly with multinationals, covering areas of business turnarounds, financial management, planning and business acquisitions. He has been on the KE Board since 2009 and has also served as its CFO and Chief Strategy Officer. Tayyab was appointed as the CEO of KE in November 2014.
Moonis Abdullah Alvi, appointed interim CEO has over 28 years of diversified experience in the Finance Industry and joined KE in 2008 and has been KE’s Chief Financial Officer since 2011. He is a fellow member of Institute of Chartered Accountants of Pakistan.
The KE Board of Director expressed their confidence in Tayyab’s leadership and said, “We are pleased to appoint Tayyab Tareen as the chairman; his contributions during his tenure as CEO have been of great value to the company and its transformation. The company will surely benefit from his competence and leadership in his new role.”
“The Board is highly confident that Moonis has the background, experience and skills necessary to seamlessly step into his additional role. With a strong grasp of business and an in-depth understanding of key challenges and opportunities, Moonis is well positioned to provide exceptional ongoing leadership while aggressively pursuing our growth strategy and company goals.” the Board added.
KE also thanked the outgoing Chairman of KE Board, Waqar Hassan Siddique, who served in this role for an overall tenure of more than 6 years in 2 terms for his insights and guidance that helped the management to achieve substantial progress and improvement, subsequently leading to an operational and financial turnaround of the company.