Engro CEO to step down in May; successor to be announced soon

KARACHI: Engro Corporation Limited, Pakistan’s second-biggest business group, said on Tuesday Aliuddin Ansari, its President and Chief Executive Officer of over three years will step down from his post on May 11, 2015.
“The company will announce Ali Ansari’s successor in near future,” Engro said in a statement.
Ali Ansari took over the helm of affairs of Engro Corporation in 2012 as President of the Corporation and as Chairman of all Engro subsidiaries during a critical time when the Company was faced by imminent loan default, low employee morale and high attrition, along with severe performance issues across the company’s flagship businesses.
“During his tenure, Engro has been strengthened on all fronts including the company’s balance sheet, gearing improving from 70 percent to 50 percent revenues growing from Rs125 billion to a record turnover of Rs176 billion – up by 40 percent, the share price has risen 300 percent and the company declared record cash dividends of Rs3 billion in 2014,” the statement said.
“His efforts also contributed to increasing the company’s market capitalization from Rs47 billion in 2012 to Rs116 billion at the end of 2014.”
The statement said the year 2014 has also been a watershed year for Engro’s businesses as well.
“The fertilizer business posted the highest ever topline in its history of Rs61 billion declaring a record-breaking profit of Rs8.2 billion.”
As the President of the Corporation,
The statement sayd Ansari provided leadership for a number of key strategic projects including construction of the world’s fastest liquefied natural gas terminal in a record time of 300 days whilst delivering excellent progress on Thar coal mining and power projects.
“In 2014 the Company also commissioned its first international project in power space – an 84 MW captive power plant for Nigeria’s largest oil refinery.”
The company’s foods business too reflected a strong turnaround demonstrating a 36 percent volumetric growth and becoming market leader in the ambient UHT category.
“It is because of his (Ansari) guidance that the company now enjoys robust organizational health and is very well placed as the premier Pakistani enterprise with a global reach passionately pursuing value creation for all stakeholders,” the statement added.