Following a meeting on March 21, 2007, the Board of Directors of Karachi Electric Supply Corporation has announced the appointment of Syed Mohammad Amjad as the new Chief Executive Officer and a member of the Board with effect from April 5, 2007. Amjad is to replace Frank Scherschmidt, who has been serving in the post ever since the privatisation of KESC.
According to the chief spokesperson of KESC, "The decision has been unanimously taken and approved by KESC''s Board of Directors keeping in mind that business is a process which requires different skill sets to manage each stage of business. KESC being Karachi''s life line, requires rejuvenation of its spirit at every management level. Therefore, in the greater interest of the city''s utility and with mutual consent, Mr Amjad will be instated in place of Mr Scherschmidt, who has agreed to relinquish his responsibilities as the CEO of KESC with immediate effect.
"Through his diverse experience, Mr Amjad would most befittingly be able to take management control of the organisation." Amjad is an experienced and renowned professional business manager who has previously served as Managing Director of Fauji Foundation for over 3 years. He took the Foundation to a new height in terms of leadership, institutionalisation, and profitability for which he is well respected in the corporate world. Having managed a very diversified industrial and financial conglomerate portfolio, he is expected to add value to KESC''s progressive growth and transformation.
Commenting upon Frank Scherschmidt''s departure, the spokesperson said, "Mr Scherschmidt had taken over control of KESC at a very critical juncture when the institution was newly privatised. He played a pivotal role in laying the foundations of a corporate culture within the organisation. He served the post of KESC''s CEO with complete devotion, sincerity and competence, which won the hearts of all KESC employees and the citizens of Karachi alike." KESC''s Board and its members appreciated the contributions of Frank Scherschmidt and wished him all the luck and support in his future endeavours.-PR