Karachi: Zaheer Ahmed took charge of his duties as the new Chief Executive Officer of the Pakistan Steel Mills. Zaheer Ahmed is a retired Major General of the Pakistan Army. He took a briefing from the officers of the Steel Mills regarding the situation of the organization and took decisions on some important issues.
Major General (retd) Zaheer Ahmed has served previously as the chairman of the state engineering corporation. He stated that it was a great challenge for him to improve the state of the Steel Mills as it faced severe financial crises. The Pakistan Steel Mills have registered a loss of Rs 22 Billion in just the past 10 months.
The Supreme Court had given the orders for the appointment of a permanent CEO for the Pakistan Steel Mills on 28 April 2011 but this appointment has now been made after three years. The position of CEO has been given to Zaheer Ahmed for a period of two years but his appointment is a violation of the Memorandum of Articles because only the Board of Directors has the authority to appoint a permanent CEO.
Chairman of CBA Shamshad Qureshi said that as the Pakistan Steel Mills is now operating under corporate roles, the board has the authority to appoint a CEO. He said that even though the rules had not been followed in this appointment, he still welcomes the new CEO and hopes that he can help solve the company’s problems.