The Chief Financial Officer of Indus Motor Company, Muhammad Aqeel Loon, has resigned from his position after serving at the organization for less than two years.
He cited personal reasons for his resignation. However, his period of service included a tough phase which could be one of the contributing factors behind the resignation.
In the financial year 2018-19, the profits of the company declined by 13 percent, dropping further by 62.4 percent in the ongoing financial year. The decline in the profitability was mainly due to the lower demand of cars in the local market.
According to the internal memo,
Aqeel Loon, Chief Financial Officer (CFO), has decided to part ways with IMC due to personal reasons. We would like to thank him for his contributions and wish him successes in his future endeavors.
CEO Ali Asghar Jamali appointed Muhammad Ibadullah, Senior General Manager Human Resource and Admin, as the new CFO of the company. He will continue to look after the administration department.
The company is being further restructured as Khurram Mehmood will head the Human Resource Department.