This was the kind of notification that, unless you worked in Pakistan’s asset management sector, you would probably ignore. Al Meezan Investment Management (Al Meezan) stated on March 1st that Mohammad Shoaib, the company’s CEO for almost thirty years, would be leaving.
One could think that, following 29 years at the top, Mr. Shoaib was stepping down to enjoy his retirement and that this was just another announcement of a “change in management.” That wouldn’t quite add up, though. He is unexpectedly young for someone who has led one company as its CEO for such a long time.
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An MBA from IBA was awarded to Shoaib in 1988. With this in hand and a diploma in banking from the Pakistan Banking Institute, he spent five years as the CEO of the Pakistan Kuwait Investment Company before starting Al Meezan.
With more than 600 staff members and a portfolio of investments over $1 billion across several asset classes, the asset management company has expanded to become the biggest fund manager in Pakistan under his direction.
Thus, what makes a highly successful CEO who has led a profitable company for decades and is years away from retirement age decide to step down? Certainly, there was no word of him being lured away by a better job offer. Al Meezan’s first announcement was that he was completely retiring for personal reasons.
The explanation was sufficiently unclear, yet it fell short of being convincing. Individuals in the business and the corporation were likewise caught off guard, which sparked a lot of conjecture about the real causes of this abrupt exit. Profit has been investigating the specific events that occurred at Al Meezan Investments over the last few weeks.