CDC shortlists four candidates for CEO slot

ISLAMABAD: After a delay of more than a year, Central Depository Company (CDC) has shortlisted four potential candidates for the office of its chief executive officer (CEO), among whom Badiuddin Akber, is most likely to be appointed shortly, The News has leant.

The CDC has shortlisted Zafar Abdullah, Akif Saeed, Naveed Qazi and Badiuddin Akber, but the CDC board has strongly recommended Badiuddin Akber (the most junior of them) to the SECP for the post, an official source said.

The SECP has powers to approve the appointment of CDC CEO, under section 50(7) of the Securities Act, 2015 read with regulation 10(3) of the Central Depositories (Licensing and Operations) Regulations, 2016. The commission would meet in a few days to approve the appointment.

Zafar Abdullah and Akif Saeed were former Commissioners of the Securities and Exchange Commission of Pakistan (SECP), Naveed Qazi was former president of JS Bank, while Badiuddin Akber is currently working as Chief Compliance & Risk officer at the CDC.

Currently, Aftab Ahmed Diwan, who had reached retirement age, has been serving as temporary CEO of the CDC since July 19, 2017. However, due to reasons best known to the CDC, the board remained unable to make a suitable appointment.

Fourth months ago, the CDC had advertised the position. The SECP had issued numerous letters to the CDC board for timely appointment of its CEO. A total of 36 candidates applied for the post, of which four were shortlisted.

Badiuddin Akber, currently serving as Compliance & Risk officer at the CDC, has served as Chief Financial Officer, Company Secretary and Chief Operating Officer in Dewan Mushtaq Group, Orion Group and National Clearing Company of Pakistan Limited (NCCPL). He has also served at the CDC in the Legal and Compliance and Operations departments from 1998-2001 and rejoined the CDC in June 2015.

Naveed Qazi is a senior banking executive with over 20 years of banking experience. Prior to becoming the President and CEO of JS bank Limited, he was associated with American Express Bank Limited (AEBL).

He has served in various senior management positions, with the last designation being Chief Operations Officer. He has worked in the areas of consumer banking, trade finance, corporate banking, commercial, banking and overall bank management.