Former Careem Pay head Junaid Iqbal appointed Engro Corp CEO-designate

Engro Holdings told the Pakistan Stock Exchange on Monday that the board of its wholly owned subsidiary, Engro Corporation, has named Junaid Iqbal as president and CEO-designate. Iqbal will succeed Ahsan Zafar Syed, whose term ends in April 2027, and he currently advises the Engro Holdings CEO. Business Recorder reported the appointment, which the company announced through a filing.

Iqbal's background includes Careem, where he expanded Pakistan operations and headed the Saudi Arabia market before becoming managing director with global responsibility for Careem Pay. Earlier, he was CEO of Elixir Securities, where he worked on privatisation transactions, among them a $1 billion sale of 40% of HBL by the government. Engro said his record includes building, scaling and reshaping companies in difficult settings.

Until April 2027, Iqbal will work with Engro's businesses and operations and contribute to strategic priorities under Ahsan's mentorship. Ahsan will then take up a counsel role for the Engro Holdings chairman once his term is complete. The company also highlighted achievements during Ahsan's tenure, including a supplemental implementation agreement for EVTL, the return of thermal assets to the portfolio, and the Deodar and EPCL transactions.