KSE elects Zubyr Soomro as new chairman

Mr. Zubyr Soomro was elected as Chairman of Karachi Stock Exchange (KSE) for the term commenced from January 01, 2010. The unanimous decision was taken at the first meeting of re-constituted Board of KSE, which was held today.
Mr. Zubyr Soomro is a career banker having worked for 36 years with Citibank
across multiple boundaries, roles and assignments. Mr. Soomro also served as
Chairman & President of United Bank Limited from 1997-2000. He has aproven track record in turning around public-sector organizations. Due to this attribute, among many, he simultaneously has extensive experience in working and dealing with regulators and governments and he is often approached by top financial managers representing the government for his expert advice.

Recently, Mr. Soomro has established a financial services consultancy firm by the name of ‘Hikmah Consulting’ where he is engaged as a ‘Consultant’. Earlier, one re-elected and four newly elected member directors of KSE took charge for the new term along with 4 non-member directors nominated by Securities and Exchange Commission of Pakistan (SECP), while 4 member directors and 4 non-member directors from the previous Board stood retired with effect from December 31, 2009.
The Board of KSE, under its Articles of Association, is composed of 5 elected members of KSE and 4 nonmember directors, nominated by SECP; while KSE’s Managing Director completes the Board as 10th Director, by virtue of his office. Furthermore, the Articles provide that the Chairman of the Board is to be elected from amongst the non-members directors.
The five elected directors of KSE for the new Board are Mr. Abid Ali Habib, Mr. Muhammad Yasin Lakhani, Mr. Dawood Jan Mohammad, Mr. Mohammad Munir Khanani and Mr. Abdul Majeed Adam; whereas, the SECP’s nominated directors on KSE’s Board for the current term are Mr. Zubyr Soomro,
Mr. Farrukh S. Ansari, Mr. Farrukh Viqaruddin Junaidy and Mr.MuhammedFarhan Malik. Mr. Adnan Afridi has been the Managing Director of the Exchange since October 2007.

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