Farrukh Khan Steps Down as PSX CEO

Farrukh Khan Steps Down as PSX CEO

Karachi, July 5, 2024 – In a surprise move, Farrukh H Khan resigned today from his position as Chief Executive Officer (CEO) of the Pakistan Stock Exchange (PSX).

The PSX board confirmed Farrukh Khan’s resignation in a statement, citing his desire “to pursue other opportunities.” The board will convene an emergency meeting later today to consider the resignation and determine next steps. The statement indicated that further announcements regarding the leadership transition will be made following the meeting.

Farrukh Khan, a seasoned financial professional, joined PSX in February 2020, navigating the organization through the initial challenges of the COVID-19 pandemic. He boasted a distinguished career spanning over 30 years, marked by senior management and board-level experience.

A chartered accountant by qualification, Farrukh Khan held a Bachelor of Arts (Honours) in Economics and Finance from the University of Manchester. Prior to PSX, he served in various leadership positions at Acumen, both in Pakistan and the UK, culminating in his role as Country Director & CEO for Pakistan.

Farrukh Khan also played a pivotal role in establishing BMA Capital Management Limited, where he served as founding partner and CEO, leading the firm to become a leading Pakistani investment banking group and garner prestigious international awards.

Farrukh Khan’s career highlights include managing significant financial transactions, including the record-breaking US$813 million GDR offering and London listing of OGDCL, Pakistan’s largest listed company. He also played a key role in advising Etisalat on their historic $2.6 billion acquisition of Pak Telecom, marking the largest foreign direct investment in Pakistan’s history. His expertise extended to advising on privatizations, encompassing nearly half of all successful privatizations in Pakistan, totaling over $4 billion.

With Khan’s departure, the PSX board faces the task of finding a suitable successor to lead the stock exchange through the next chapter of its development.