KARACHI: Muhammad Aliuddin Ansari, President and Chief Executive Officer of Engro Corporation Limited, announced on Tuesday his decision to step down from his post effective May 11, 2015.

The announcement by Engro took the market by surprise, for most thought three years was a particularly brief stint in office.

Ansari’s successor would be announced in the “near future”, the company said in a press statement.

But the schedule of company board meetings of the KSE shows that Engro Corporation’s board of directors would meet on April 28 to approve the first quarterly accounts for the period ended March 31, 2015. For the same purpose, the meeting of Engro Fertiliser’s board of directors would be held on April 24.

Market watchers are expecting the announcement of the new man to head one of the country’s biggest conglomerates on either of those two days, if not earlier.

Ansari had been placed at the helm on May12, 2012 to fill the vacancy created by Asad Umar, who departed to take the plunge in politics after having worked with Engro for 27 years in various roles and as president from 2004 to 2012.

Published in Dawn, April 22nd, 2015

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