The Board of Directors of Afiniti Ltd. has named Larry Babbio as Chair of the Board of Afiniti, effective immediately, days after the company announced that Zia Chishti has stepped down from his role as chairman, Chief Executive Officer, and director.

In a statement, Affiniti informed that Babbio has served as a Director of Afiniti’s Board since 2016, and has held positions of Vice Chair and President of Verizon Communications, Inc.

Afiniti announces Zia Chishti has stepped down as chairman, CEO

Afiniti also announced the formation of a Special Committee of the Board to investigate issues surrounding the conduct of its former CEO and Chair. Chishti is also the CEO of TRG Pakistan, a listed company on the Pakistan Stock Exchange (PSX).

"Leslie R. Caldwell, Latham & Watkins, LLP, will lead the investigation. Ms. Caldwell previously served as Assistant Attorney General of the United States Department of Justice’s Criminal Division," read the statement.

TRG Pakistan's share price plummets amid allegations on CEO

Days ago, Chishti stepped down from his role as chairman, CEO, and director of Afiniti, after an ex-employee of Afiniti leveled sexual assault charges against him. Chishti denies the accusations.

On Tuesday last week, a 23-year-old former employee of Afiniti – a US company that still accounts for 57% of TRG Pakistan’s value and is also founded by Chishti – detailed a string of allegations against the chief executive to members of Congress in the US, reported the The New York Times.

Tatiana Spottiswoode accused him of sexual assault during testimony to a hearing into how forced arbitration clauses signed with companies have been used to prevent survivors of sexual harassment and sexual violence from pursuing cases through the courts.