Fauji Foundation has appointed retired lieutenant general Anwar Ali Hyder as the new Director and Chairman after four years of first civilian CEO Waqar Ahmed Malik.
‘We have to inform you that Mr. Waqar Ahmed Malik, Director/Chairman has ceased to be the Director/Chairman of the Company w.e.f. 05-04-2024 and Lieutenant General Anwar Ali Hyder, HI(M) (Retd) has been appointed as Director/Chairman,’ a stock filing by Fauji Fertilizer Company Limited (PSX: FFC) said on Monday.
Besides FFC, Lt. General Anwar Ali Hyder (Retd) is now chairman of the Fauji Group of Companies, and Managing Director AND CEO Fauji Foundation.
After nearly four years as a civilian CEO and managing director of the company, Waqar Ahmed Malik is stepping down. His tenure saw improvements in several of the company’s publicly listed firms, notably Fauji Foods, which turned profitable under his leadership.
Several publicly listed companies within the Fauji Foundation have experienced improved performance under Waqar’s leadership, notably
Fauji Foods, which achieved profitability for the first time in years and enhanced margins despite a downturn among its competitors. But this wasn’t enough to give Waqar an extension.
Malik’s strategy involved bringing industry professionals into key roles and essentially replacing military management. However, despite these successes, FFC is now back under ex-serviceman.
The new chairman, Lieutenant General Anwar Ali Hyder (Retd), known for his active roles in various government bodies, now takes the helm. Malik’s departure raises questions about the future direction of the Fauji Foundation after a change of leadership.
The associated companies under Fauji Foundation are as follows:
Fully owned
Fauji Cereals
Foundation Gas
Overseas Employment Services
Fauji Foundation Experimental And Seed Multiplication Farm
Subsidiaries
Fauji Fertilizer Company Limited (FFC)
Fauji Fertilizer Bin Qasim Limited (FJFC),
Fauji Cement Company Limited
FFBL Power Company Limited (Fauji Power Company Ltd) FPCL.
Fauji
Kabirwali Power Company Limited
Foundation Power Company Daharki Limited
Mari Petroleum Company Limited
Fauji Institute of Technology
Fauji Akbar Portia Marine Terminal Limited
Fauji Trans Terminal Limited
Fauji Retirement Home
Fauji Oil Terminal And Distribution Company Limited
Pakistan Maroc Phosphore, S.A., Morocco
Foundation Securities (Pvt) Limited
Askari Bank Limited (acquired from Army Welfare Trust)
Fauji Meat Limited
Fauji Fresh n Freeze
Fauji Infraavest Foods Limited
FFC Energy Limited
Fauji Foods Limited
Foundation Wind Energy – I
Foundation Solar Energy (Pvt.) Ltd.
Foundation Wind Energy
Source: Pro Pakistani