Islamabad/Karachi: Karachi Electric’s (K-Electric) Board of Directors is poised to launch a high-stakes search for a new Chief Executive Officer (CEO) at its 1,263rd meeting today, Thursday, sources revealed to Business Recorder. The session, convened at the behest of Pakistan government’s nominee directors, follows a failed November 5 gathering due to insufficient quorum. An internal agenda, accessed via sources, outlines urgent appointments: filling the Chief Financial Officer (CFO) and Chief Digital Officer (CDO) roles within a week, while kickstarting the CEO process immediately. The board will also tackle arbitration issues tied to the Multi-Year Tariff (MYT) under Pakistani law, alongside confirming minutes from the October 2025 1,260th meeting.
Three Karachi-based energy sector veterans have been shortlisted for CEO, but the AsiaPak group—holding two board seats—has opted against nominating its own, pledging full backing to the government’s pick. “AsiaPak will support whoever the government deems best for K-Electric and Karachi’s advancement,” sources close to the group affirmed. This shift underscores a fragile alliance, with the government’s three votes pivotal alongside AsiaPak’s two, outnumbering the current CEO Moonis Alvi’s non-voting stance and other shareholders.
The 10-member board, comprising three government reps, two from AsiaPak, Alvi, and three from Saudi Al-Jomaih, has been riven by divisions. A prior meeting flopped with only five attendees—three government and two AsiaPak—missing quorum. Tensions simmer between government nominees, Shehryar Chishti’s reps, and others, exacerbated by an FIR blocking a CDO candidate under company policy. Independent director Javed Kureishi reportedly spearheaded the reconvene, as Power Secretary Dr. Fakhr e Alam Irfan and Finance Secretary Imdadullah Bosal remain reticent.