PSX board accepts CEO's resignation in emergency meeting

July 05, 2024 (MLN): The Board of Directors of Pakistan Stock Exchange Limited (PSX), in their emergent meeting held today, accepted the resignation of Farrukh H. Khan from the position of Chief Executive Officer.

"The Board, with the utmost respect for Mr Khan's decision to pursue other opportunities, accepted his resignation on July 4, 2024," the notice issued by the exchange reads.

The exchange expressed appreciation for Mr. Khan's dedication and commitment to PSX.

Moreover, PSX will work with him in the coming weeks to ensure a smooth transition, which is expected to be concluded by September 2, 2024, PSX will work with him in the coming weeks.

To note, Farrukh H Khan tendered his resignation from the position in order to pursue other opportunities.

About Farrukh H. Khan

Farrukh Khan was 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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