Adeeb Ahmad takes interim charge as K-Electric CEO amid boardroom tensions and investor concerns, replacing Syed Moonis Alvi as the utility begins search for a permanent head.
The board of K-Electric has appointed Adeeb Ahmad as chief executive officer on an interim basis, following the departure of Syed Moonis Alvi, according to sources familiar with the matter. Adeeb Ahmad, who represents investor Sheharyar Chishti on the board, will run the utility’s affairs until a regular CEO is appointed by regulators.
The move comes at a sensitive time for Pakistan’s only vertically integrated private power utility, which supplies electricity to Karachi’s more than 20 million residents. K-Electric operates generation, transmission and distribution assets under a long-term license overseen by the National Electric Power Regulatory Authority (NEPRA).
Ahmad brings 34 years of experience across energy and infrastructure sectors. He most recently served as chief executive of Hascol Petroleum Limited, where he oversaw restructuring efforts after the oil marketing company faced financial and governance challenges in recent years. He has also held senior advisory roles at the Islamic Corporation for the Development of the Private Sector in Saudi Arabia, part of the Islamic Development Bank Group.
His career spans private equity management, mergers and acquisitions, privatizations and capital raising across the Middle East, North Africa, Turkey, Central Asia and Pakistan. He holds a master’s degree from the London School of Economics and an MBA from the Institute of Business Administration Karachi.
Sources said Alvi had faced sustained pressure for several months before stepping down. His exit came days after Sindh Governor Kamran Tessori set aside a provincial ombudsman’s order against him on February 3, effectively clearing him shortly before his resignation.
The leadership change may unsettle Saudi and Kuwaiti investors with exposure to Pakistan’s energy sector, according to people close to the matter. Some Gulf investors were reportedly backing alternative candidates and opposed what they saw as dominance by Sheharyar Chishti within the board structure.
Earlier reports had indicated that Kamran Kamal, chief executive of Hub Power Company Limited and a K-Electric board member, was among top contenders for the interim role. The board has now initiated a formal process to interview candidates for the permanent chief executive position.
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Among leading names under consideration is Osama Qureshi, currently a director at Cnergyico, formerly known as Byco Petroleum. Industry sources also cited Imran Maniar, former managing director of Sui Southern Gas Company, though insiders say his compensation expectations may complicate negotiations.
Taha Siddiqui has emerged as a strong contender for the permanent role. A former chief distribution officer at K-Electric, he later served as chief executive of Pakistan State Oil, the country’s largest oil marketing firm by sales volume. His familiarity with K-Electric’s distribution network and regulatory framework could prove decisive.
