Engro Holdings Limited has announced that the Board of Directors of Engro Corporation Limited has approved Junaid Iqbal as the successor to Ahsan Zafar Syed for the position of President and Chief Executive Officer of Engro Corporation. Iqbal, who currently serves as Advisor to the CEO of Engro Holdings, will assume the leadership position following the completion of Syed’s term in April 2027. The planned transition is part of Engro Corporation’s succession process and will provide a defined period for the incoming CEO to work closely with the company’s businesses and operations before taking charge.
Junaid Iqbal brings experience across technology, finance and media, having worked on building, scaling and transforming businesses in different markets and operating environments. His career includes senior roles at Careem, where he was involved in scaling the company’s Pakistan business and subsequently led its Saudi Arabia market. He later served as Managing Director and Global Head of Careem Pay, giving him experience in digital platforms, financial services and the development of technology-led businesses. His background also includes capital allocation and business transformation, areas that are relevant to Engro Corporation’s portfolio and future plans.
Before his time at Careem, Iqbal served as Chief Executive Officer of Elixir Securities. During his tenure, he worked on repositioning the firm and was involved in major capital market and privatization transactions. These included work related to the government’s $1 billion sale of a 40% stake in Habib Bank Limited. His experience across financial markets, technology platforms and business development forms part of the background behind his selection as the incoming President and CEO of Engro Corporation.
Engro Holdings said the leadership transition comes as Engro Corporation enters its next phase of growth. Over more than six decades, Engro has developed industrial businesses and built capabilities across engineering, project development, execution and governance. These businesses and capabilities continue to form the foundation of the company’s operations, while the group is also examining opportunities to build new platforms for growth, attract capital and create long-term value while addressing key requirements within the economy.
The company said Iqbal’s experience in platform building, capital allocation and partnership development complements Engro Corporation’s existing capabilities. His upcoming role will involve working with the company’s businesses and gaining a deeper understanding of its operations and the teams involved in its various activities. During the transition period, he will also contribute to strategic priorities while working under the mentorship of Ahsan Zafar Syed before formally taking over the President and CEO position in April 2027.
The Board of Directors also acknowledged Syed’s contributions during his tenure as President and CEO of Engro Corporation. Under his leadership, the company reached several significant milestones, including the Supplemental Implementation Agreement for Engro Vopak Terminal Limited, the reintegration of thermal assets into the portfolio, and transactions involving Deodar and Engro Polymer and Chemicals Limited. Engro Corporation was also consistently recognized among leading companies listed on the Pakistan Stock Exchange during his tenure.
Following the completion of his term, Ahsan Zafar Syed will be elevated to the position of Counsel to the Chairman of Engro Holdings. The new role will allow the group to continue drawing on his experience and institutional knowledge after he steps down from the President and CEO position at Engro Corporation. The arrangement also provides continuity as the company moves from the current leadership structure to the next phase under Iqbal.
The transition period through April 2027 is expected to provide time for a structured handover of responsibilities. During the coming months, Iqbal will engage with Engro Corporation’s businesses and operations while working alongside Syed and contributing to strategic initiatives. The succession plan reflects Engro’s established approach toward leadership continuity, corporate governance and preparing senior executives for major responsibilities within the group.
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