Karachi (Syed Rizwan Amir): Nadir Rahman, a known name of the corporate sector, has joined Pakistan Stock Exchange, as the new Chief Operating Office (COO).
Farrukh Khan, Chief Executive Officer (CEO) PSX, appointed Nadir Rahman as COO. The approval from the board of directors will be sought later . Some stock brokers pointed out that the appointment of chief operating officer required board of directors’ approval before appointment. PSX is a public limited company therefore no one can be appointed without due process, which include advertising the vacant post and short listing of candidates. Some members claimed that due process was not followed in this appointment. (Farrukh Khan was asked several time for his version but he did not respond).
Nadir Khan is joining as COO at a time when PSX is facing many challenges. Addressing infrastructural requirements is the main challenge for the new chief operating officer. Nadir Khan has a background of expanding business but in this role he would be required to focus on internal matters to keep the market floating smoothly.
Some brokers requesting anonymity said, chief operating officer will be required to be accessible to all members and he should be able to address stock market’s issues related to infrastructure and trading system. They said that market requirements are much more complicated than a stock brokerage firm. Nadir Rahman’s profile on PSX website stated that “His core areas of expertise are business development, operations, investment management and corporate restructurings.” However, some believe that CEO PSX must have some plan in his mind when he selected Nadir Rahman for this post.
According to PSX website, Nadir Rahman’s last appointment was with BMA Capital Management Ltd. for 3 years as CEO. “Prior to that he has served as the Group CEO in Mega & Forbes, as Managing Director and CEO at KASB Securities Limited, JS Global Capital Limited and Mashreq Asset Management.” He was also the founder member and first CEO of Foundation Securities. In addition, he has been associated with Fauji Foundation, Standard Chartered Bank, ABN AMRO, Citibank and Bukhatir Investments Ltd (UAE) in middle and senior management roles.
Like CEO PSX, Nadir Khan has also worked in BMA Capital. Nadir Khan joined BMA when Mozzam Mlick took over as the owner. Farrukh Khan left BMA when management changed. Mozzam Malik had bought majority shares from the Abraaj Group who was initially interested to sell its 50 percent holding to another investor. However, Mozzam A Malik matched the price and took over BMA Capital.