KARACHI - The K-Electric Board of Directors has appointed Tayyab Tareen as chairman of the board.

Incumbent CFO Moonis Alvi has been given charge of leading the company as interim CEO. The changes are effective immediately.

Tayyab Tareen, moving from his role as KE CEO to chairman, has over 25 years of experience, mainly with multinationals, covering areas of business turnarounds, financial management, planning and business acquisitions. He has been on the KE Board since 2009 and has served as its CFO and Chief Strategy Officer. Tayyab was appointed CEO of KE in November 2014.

Moonis Abdullah Alvi, appointed interim CEO, has over 28 years of diversified experience in the Finance Industry. He joined KE in 2008 and has been KE’s Chief Financial Officer since 2011. He is a fellow member of the Institute of Chartered Accountants of Pakistan.

The Board of Director of KE expressed their confidence in Tayyab’s leadership and said, “We are pleased to appoint Tayyab Tareen as chairman of KE Board; his contributions during his tenure as CEO have been of great value to the company and its transformation. The company will surely benefit from his competence and leadership in his new role.”

"The Board is highly confident that Moonis has the background, experience and skills necessary to seamlessly step into his additional role. With a strong grasp of business and an in-depth understanding of key challenges and opportunities, Moonis is well positioned to provide exceptional ongoing leadership while aggressively pursuing our growth strategy and company goals.” the Board added.

KE also thanked the outgoing Chairman of KE Board, Waqar Hassan Siddique, who served in this role for an overall tenure of more than 6 years in 2 terms for his insights and guidance that helped the management to achieve substantial progress and improvement, subsequently leading to an operational and financial turnaround of the company.

KE’s transformation, from an under-utilized strategic asset before 2009 into a leading energy player today, represents one of the global power industry’s most well-recognized operational turnaround stories and it is well positioned to build on its existing success, backed by competent management and leadership teams.

The power utility remains fully committed to further improve the availability and reliability of power supply to customers across its network and to ensure the growth of economy of Karachi and Pakistan.