Karachi: Moonis Alvi, the Chief Executive Officer (CEO) of K-Electric, has abruptly resigned from his position, ending an 18-year tenure as the longest-serving CEO in the company’s history. His resignation was formally accepted by the Chairman of the Board of Directors, Mark Skelton.
According to sources, Alvi submitted his resignation to the board on Thursday. The decision will be officially communicated to the Pakistan Stock Exchange once the board gives final approval. Alvi’s tenure saw him lead K-Electric through multiple challenges, earning recognition for his long-standing service.
The K-Electric Board has shortlisted three candidates from Karachi with extensive experience in the energy and finance sectors to fill the CEO position. The board is expected to hold meetings next week, while elections for the new board are scheduled during Ramadan. The current board will interview shortlisted candidates and submit recommendations to the incoming board for the final appointment.
Following the resignation, an atmosphere of uncertainty has been reported at K-Electric’s headquarters, with senior officials expressing concerns about the company’s future leadership and strategic direction.
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