Waqar I. Siddiqui has decided “to step down” from the position of Chief Executive Officer (CEO) of Shell Pakistan Limited. The listed company shared the development in its notice to the Pakistan Stock Exchange (PSX) on Thursday.

“We would like to inform you that Waqar I. Siddiqui, the Chief Executive Officer of Shell Pakistan Limited has announced his intention to step down from his role as Chief Executive Officer of the company,” read the notice.

“He will continue as the Chief Executive Officer of the company until his replacement is announced in due course,” it added.

Back in 2021, Siddiqui was appointed as Managing Director and CEO of Shell Pakistan Limited.

Siddiqui joined SPL in 2001 and worked in senior leadership positions locally and internationally. Waqar has been a director on the board of SPL since 2019.

SPL is a subsidiary of Shell Petroleum Company Limited, United Kingdom, which is a subsidiary of Royal Dutch Shell Plc, one of the world’s largest energy and petrochemical companies. The company markets petroleum products and compressed natural gas (CNG), and blends and markets various lubricating oils.

As per the company’s latest financial results, SPL announced a profit of Rs1.13 billion in the three-month period that ended June 30, 2024.

Last year in July, SPL announced that its parent company, Shell Petroleum Company Limited (SPCo), had notified its intent to sell its shareholding in SPL.

SPL, however, said back then that the development would have no impact on its current business operations, which will continue.

“SPL remains committed to continuing to deliver safe and reliable operations for our customers and partners,” it stated back then.