KARACHI: The federal government has appointed Brig (r) Shujah Hassan as the Chief Executive Officer (CEO) of the Pakistan Steel Mills.
According to a notification issued by the Establishment Division on Friday, the appointment of Brig (r) Shujah Hassan would be for one year with immediate effect.
“The appointment is subject to termination on one month’s notice by either side,” the notification read.
Late last month, the PSM Board of Directors had recommended the federal government names of three shortlisted candidates for the post of CEO with priority No.1 candidate having degrees in warfare and strategic studies.
The board found candidate No.1 to be a better fit given the needs of the revival plan and the prevailing environment at the mill. The board directed the PSM management to forward the findings to the Ministry of Industries and Production for further action in this regard.
PSM required a transitory CEO who could fulfil the role of a strong administrator and guardian of the PSM assets and who could help execute a plan of action to prepare the mill for a public-private partnership.
The transition plan may last from one to two years. During this transition, there will be no steel production and focus will be on maintaining all assets and operating the non-core functions in the most professional and compliant manner.
It may be noted that as per rule 187(4) of the Companies Act, 2017, the government holds the power to nominate the chief executive of a company where majorly of directors are nominated by the government.