Overview
- Alvi’s departure was disclosed to the Pakistan Stock Exchange and he confirmed it in a post on X, saying he would support a smooth transition.
- Board Chairman Mark Gerard Skelton has accepted the resignation, with a board meeting expected next week and final appointment authority resting with the incoming board after elections during Ramazan, according to sources.
- Three Karachi-based candidates with experience in energy and finance have been shortlisted for the chief executive role, and the current board plans interim interviews before making recommendations.
- A July 2025 harassment ruling by the Sindh Ombudsman ordered Alvi’s removal and Rs2.5 million compensation, the Sindh High Court stayed implementation, and Governor Kamran Tessori later set aside the order.
- K-Electric shares rose 7.58% on the day of the announcement to Rs8.94, with analysts citing investor optimism over prospective management changes.