Fauji Foundation has appointed retired lieutenant general Anwar Ali Hyder as the new Director and Chairman after four years of first civilian CEO Waqar Ahmed Malik.
“We have to inform you that Mr. Waqar Ahmed Malik, Director/Chairman has ceased to be the Director/Chairman of the Company w.e.f. 05-04-2024 and Lieutenant General Anwar Ali Hyder, HI(M) (Retd) has been appointed as Director/Chairman,” a stock filing by Fauji Fertilizer Company Limited (PSX: FFC) said on Monday.
Besides FFC, Lt. General Anwar Ali Hyder (Retd) is now chairman of the Fauji Group of Companies, and Managing Director & CEO Fauji Foundation.
After nearly four years as a civilian CEO and managing director of the company, Waqar Ahmed Malik is stepping down. His tenure saw improvements in several of the company’s publicly listed firms, notably Fauji Foods, which turned profitable under his leadership.
Several publicly listed companies within the Fauji Foundation have experienced improved performance under Waqar’s leadership, notably Fauji Foods, which achieved profitability for the first time in years and enhanced margins despite a downturn among its competitors. But this wasn’t enough to give Waqar an extension.
Malik’s strategy involved bringing industry professionals into key roles and essentially replacing military management. However, despite these successes, FFC is now back under ex-serviceman.
The new chairman, Lieutenant General Anwar Ali Hyder (Retd), known for his active roles in various government bodies, now takes the helm. Malik’s departure raises questions about the future direction of the Fauji Foundation after a change of leadership.
The associated companies under Fauji Foundation are as follows:
Fully owned
- Fauji Cereals
- Foundation Gas
- Overseas Employment Services
- Fauji Foundation Experimental And Seed Multiplication Farm
Subsidiaries
- Fauji Fertilizer Company Limited (FFC)
- Fauji Fertilizer Bin Qasim Limited (FJFC),
- Fauji Cement Company Limited
- FFBL Power Company Limited (Fauji Power Company Ltd) FPCL.
- Fauji Kabirwali Power Company Limited
- Foundation Power Company Daharki Limited
- Mari Petroleum Company Limited
- Fauji Institute of Technology
- Fauji Akbar Portia Marine Terminal Limited
- Fauji Trans Terminal Limited
- Fauji Retirement Home
- Fauji Oil Terminal And Distribution Company Limited
- Pakistan Maroc Phosphore, S.A., Morocco
- Foundation Securities (Pvt) Limited
- Askari Bank Limited (acquired from Army Welfare Trust)
- Fauji Meat Limited
- Fauji Fresh n Freeze
- Fauji Infraavest Foods Limited
- FFC Energy Limited
- Fauji Foods Limited
- Foundation Wind Energy – I
- Foundation Solar Energy (Pvt.) Ltd.
- Foundation Wind Energy
Good decision to appoint ex army general as CEO of FFC
Last civilian CEO and MD spoiled company professionals due to bad management.
Appoint a military background man at any organization and see the disaster happening in front of your organization. It has happened at numerous occasions. Some people are good for nothing, not even for their original jobs.