Engro Corporation has named Junaid Iqbal as its next President and Chief Executive Officer, with the leadership transition scheduled for April 2027.
Engro Holdings announced on September 21 that Engro Corporation’s board had approved Iqbal as the successor to Ahsan Zafar Syed. Iqbal currently serves as Advisor to the CEO of Engro Holdings.
Syed will continue leading Engro Corporation until his current term ends in April 2027. He will then become Counsel to the Chairman of Engro Holdings, allowing the group to retain his experience and institutional knowledge.
The appointment comes as Engro prepares to expand its portfolio and develop new businesses alongside its established industrial operations.
From Careem and finance to Engro
Iqbal brings experience across technology, finance and media, having built, expanded and transformed businesses in complex operating environments.
At Careem, he scaled the company’s Pakistan business and subsequently led its Saudi Arabia market. He later served as Managing Director and Global Head of Careem Pay, adding digital payments to his regional leadership experience.
Earlier, Iqbal served as CEO of Elixir Securities, where he helped reposition the brokerage and worked on major privatisation transactions. These included the government’s $1 billion sale of a 40 percent stake in Habib Bank Limited.
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Engro highlighted his experience in building business platforms, allocating capital and developing partnerships as relevant to its next growth phase. The company expects these capabilities to complement its industrial expertise and support sustainable, long-term returns.
Over six decades, Engro has developed capabilities in engineering, project development, execution and corporate governance. Its strategy seeks to build on that foundation while creating additional sources of growth.
The group wants these new businesses to attract capital, generate lasting value and address important needs in Pakistan’s economy.
Syed to oversee structured handover
The board thanked Syed for his contributions and confirmed that he would remain in charge throughout the transition period.
Milestones during his tenure include the Supplemental Implementation Agreement for Engro Vopak Terminal Limited and the reintegration of thermal assets into the portfolio. The company also highlighted the Deodar and Engro Polymer and Chemicals Limited transactions.
Engro Corporation also earned repeated recognition among leading Pakistan Stock Exchange companies during his leadership.
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The succession announcement provides several months for Iqbal to work closely with Engro’s businesses and operations before assuming executive responsibility. He will use this period to develop a deeper understanding of the organisation and the teams supporting its performance.
Under Syed’s mentorship, Iqbal will also contribute to key strategic priorities ahead of the formal handover.
The transition plan combines preparations for new investment opportunities with continuity across Engro’s existing operations. Syed’s subsequent advisory role will extend his involvement beyond the completion of his executive term.
Engro described the process as part of its commitment to succession planning, strong governance and continuity of leadership.
