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

Engro Corp announced on Monday that it has appointed Junaid Iqbal as its next President and CEO, following the resignation of Ahsan Zafar Syed in April 2027. Iqbal, who currently serves as an advisor to the CEO of Engro Holdings, will take over the role after completing Syed's tenure.

At Careem, Iqbal was instrumental in scaling the Pakistan business, leading the Saudi Arabia market, and serving as Managing Director and Global Head of Careem Pay. Prior to that, he was the CEO of Elixir Securities, where he played a key role in repositioning the firm and managing privatisation transactions, including the government's acquisition of a 40% stake in HBL.

Engro's Board of Directors praised Iqbal's track record of building, scaling, and transforming businesses in challenging environments. They highlighted his leadership at Careem and Elixir Securities, as well as his contributions to significant transactions like the Deodar and EPCL deals during Syed's tenure.

The Board also expressed gratitude to Syed for his contributions to Engro Corporation, noting that he would continue to serve as counsel to the Chairman after his tenure as CEO. During Syed's leadership, Engro Corporation achieved notable milestones, such as the Supplemental Implementation Agreement for EVTL, the reintegration of thermal assets, and the successful completion of the Deodar and EPCL deals.

As part of the leadership transition, Iqbal will work closely with Engro's businesses and operations under Syed's mentorship. He will also contribute to key strategic priorities before officially assuming the role of President and CEO in April 2027.