KARACHI: Pakistan’s largest conglomerate Engro Corporation has named former Careem executive Junaid Iqbal as its next president and chief executive, effective April 2027, the company said on Monday, as the industrial group seeks new platforms for growth.

Iqbal, currently an adviser to the CEO of parent company Engro Holdings, will succeed Ahsan Zafar Syed and assume the position of Engro CEO in April.

The appointment places an executive with a background in technology and finance at the head of a group seeking to build new businesses beyond its traditional industrial base. Engro currently operates across fertilizers, energy, petrochemicals, telecommunications infrastructure and other industries. 

“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,” the company said in a statement.

Iqbal previously scaled Careem’s Pakistan operations, led its Saudi Arabia business and later served as managing director and global head of Careem Pay, the ride-hailing company’s digital-payments arm.

Before joining Careem, he served as CEO of Pakistani brokerage Elixir Securities, where he worked on privatization transactions including the government’s $1 billion sale of a 40 percent stake in Habib Bank Limited.

Engro said Iqbal’s experience in building platforms, allocating capital and developing partnerships aligned with its plans to enhance its portfolio and pursue sustainable long-term returns.

Syed will continue leading Engro Corporation until the end of his term. The board credited him with several milestones, including the reintegration of Engro’s thermal assets and major transactions involving Deodar and Engro Polymer and Chemicals.

After stepping down as president and CEO, Syed will become counsel to the chairman of Engro Holdings, allowing the group to continue drawing on his experience, the statement said.