Jazz appoints former PSX CEO as new CFO, CEO of MFH

July 08, 2024 (MLN): After tendering his resignation as Chief Executive Officer (CEO) of the Pakistan Stock Exchange (PSX), Farrukh Khan has been appointed by Jazz as the new Chief Financial Officer (CFO) and CEO of Micro-Finance Holdings (MFH), effective September 15, 2024.

Accordingly, Farrukh will also join the board of Mobilink Microfinance Bank.

Gábor Kocsis, the outgoing CFO, will remain with Jazz until the end of the year, focusing on strategic projects to facilitate a smooth transition and maintain momentum in ongoing initiatives said a news release, APP reported.

This announcement comes as Jazz unveils its vision to transition from a Mobile Telco to a dynamic ServiceCo.

Leveraging core strengths in data and connectivity, Jazz is poised to disrupt various sectors including financial services, software development, data centers & cloud solutions, and entertainment.

With a projected compound annual growth rate of 20%+, Jazz aims to double its revenue by 2027, with significant contributions from its new ventures including the fintech platform JazzCash, cloud offering Garaj, and the digital streaming service Tamasha.

About Farrukh H. Khan

Farrukh Khan has been the CEO of PSX since 2020.

He qualified as a Chartered Accountant from the Institute of Chartered Accountants in England and Wales, United Kingdom (UK), and also holds a BA (Hons.) in Economics and Finance from the University of Manchester.

With over 30 years of senior management and board-level experience, Khan is an experienced entrepreneur, and leading business and financial advisor who has advised on many landmark transactions.

Previously he has held senior positions with Acumen in Pakistan & the UK, including Country Director & CEO, Pakistan, Senior Director Business Development, Chief Business Development Officer and member of the Management Committee.

He was the founding partner and CEO of BMA Capital Management Limited.

Under his stewardship, BMA established itself as the leading investment banking group in Pakistan and received several international awards, including the 2010 Euromoney award for the best investment bank in Pakistan.

His experience includes lead managing the $813 million GDR offering and London listing of OGDCL, Pakistan’s largest listed company, and successfully advising Etisalat on their $2.6 billion acquisition of Pak telecom, the largest mergers and acquisition transaction and the largest foreign direct investment in Pakistan’s history.

Other historical transactions include the $1.5bn privatisation of Kot Addu Power Company and the $898m GDR offering for Pak Telecom.

He has advised, either on the buy or sell side, on almost 50% of all successful privatisations in Pakistan, totaling over $4bn in value. He has also worked with American Express Bank in Pakistan and Deloitte in London.

Khan has an excellent network and deep knowledge of global business and investments.

He has previously served as President of Overseas Investors Chamber of Commerce & Industry (OICCI), Chairman of the Young Presidents’ Organization, Pakistan Chapter and on the boards of prominent public and private sector organisations.

He was also associated with the Securities and Exchange Commission of Pakistan as a member of its Policy Board from 2018 to 2019.

Khan was selected by Euromoney as one of the top 50 global financial leaders, below the age of 40 years. His philanthropic interests include children’s health and education.

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