KARACHI: Aliuddin Ansari, President & Chief Executive Officer, of Engro Corporation Limited announced his decision to step down from his post effective May 11, 2015.
Sources said that Ansari has been asked to step down and CEO of Engro Fertilizer, Rohail Mohammad is likely to be the news President.
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 & 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% to 50%, revenues growing from PKR 125 billion to a record turnover of PKR 176 billion – up by 40%, the share price has risen 300% and the Company declared record cash dividends of PKR 3 billion in 2014. His efforts also contributed to increasing the Company’s market capitalization from PKR 47 billion in 2012 to PKR 116 billion at the end of 2014.
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 PKR 61 billion declaring a record-breaking profit of PKR 8.2 billion. As the President of the Corporation, Ali provided leadership for a number of key strategic projects including construction of the world’s fastest LNG 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. Meanwhile the foods business too reflected a strong turnaround demonstrating a 36% volumetric growth and becoming market leader in the ambient UHT category.
At the time when he took charge the Company was faced by a weak talent pipeline and the employee engagement levels had plummeted below 38% and the organization faced high attrition levels. Under his management he spearheaded a series of transformational initiatives which have helped increase engagement levels to 62%; decreased attrition to acceptable levels and strengthened the talent pipeline. It is because of his 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.