K-Electric CEO Moonis Alvi resigns, company announces leadership change

Syed Moonis Abdullah Alvi has resigned from his position as Chief Executive Officer (CEO) of K-Electric Limited, according to a formal disclosure by the company on Friday.

The resignation was confirmed in a statement filed with the Pakistan Stock Exchange (PSX) in compliance with the Securities Act, 2015. The company’s registered office in Karachi issued the disclosure, which was signed by Rizwan Pesnani, the Chief Risk Officer & Company Secretary of K-Electric.

BR reported, citing sources, that K-Electric's Board Chairman, Mark Gerard Skelton, has approved the resignation of CEO Moonis Alvi.

Three candidates have reportedly been shortlisted for the role of K-Electric’s new CEO, all hailing from Karachi with extensive experience in the energy and finance sectors. A board meeting is scheduled for next week, with board elections expected during Ramazan. The new board will ultimately decide on the appointment of the next CEO.

K-Electric’s board, which originally consisted of 13 members, now has only nine after three seats remained vacant for an extended period.