Karachi: Fauji Cement Company Limited (FCCL) has announced a significant change in its leadership structure, effective October 17, 2024. Maj Gen Zafar U Haq, HI(M), Retd, has stepped down from his role as Director of FCCL, and Mr. Mazhar Abbas Hasnani has been appointed as his replacement.

Maj Gen Zafar U Haq's resignation marks the end of a notable tenure, during which FCCL experienced various strategic developments and growth initiatives. The reason for his resignation was not disclosed in the company's announcement.

According to information available from the Pakistan Stock Exchange (PSX), Mr. Mazhar Abbas Hasnani, the newly appointed Director, is expected to bring fresh perspectives to the Board's operations and strategic direction. His appointment comes at a time when FCCL is navigating through dynamic market conditions and aiming to strengthen its market position in the competitive cement industry.

The company has informed the TRE Certificate Holders of the Exchange about these changes, ensuring compliance with corporate governance standards and maintaining transparency with stakeholders.

The transition in FCCL’s leadership is anticipated to be smooth, with the board expressing confidence in Mr. Hasnani’s capabilities to drive the company forward. Shareholders and investors are keeping a keen eye on how this change will influence the company's strategies and operations in the upcoming months.