Lahore: The Pakistan Credit Rating Agency Limited (PACRA) has announced significant leadership changes, with the appointment of Mr. Zaffar Abbas as the Chairman of the Board and the reappointment of Mr. Usman Haider as the Chief Executive Officer (CEO). The appointments are pending approval from the Securities and Exchange Commission of Pakistan (SECP), as required by the Credit Rating Companies Regulations, 2016.

The company’s Board of Directors has confirmed these decisions, ensuring that both appointments will be for a term of three years. Mr. Abbas’s role as an Independent Director has now expanded to include the responsibilities of the Chairman of the Board. Meanwhile, Mr. Haider will continue as CEO, a position he has held previously, further driving PACRA’s strategic objectives.

According to information available from the Pakistan Stock Exchange (PSX), these leadership changes have been communicated to TRE Certificate Holders as part of the regulatory requirements to ensure transparency and compliance within the market.

This announcement underscores PACRA’s commitment to maintaining a robust governance framework, which is crucial for its operations and reputation in the credit rating industry. The outcome of the SECP’s review of the Fit and Proper Criteria will determine the final confirmation of these appointments.