Rashid Khan Announced the CEO of PTCL

PTCL has announced Mr. Rashid Khan as its new CEO, said an announcement shared with Pakistan Stock Exchange.

Announcement confirmed that Mr. Daniel Ritz, outgoing CEO of PTCL, will be stepping down from his position and Mr. Rashid Khan will be replacing him as the Chief Executive of the company.

Decision was made during a PTCL board meeting held earlier today.

If sources are to be believed, Mr. Rashid Khan, who is also the CEO of Ufone, will continue to remain the CEO of Ufone as well. However, a decision on this will be made during a Ufone board meeting.

This essentially means that Mr. Rashid Khan could be announced as the group CEO of PTCL and Ufone, a shift in how both the companies were run previously.

Etisalat has long been working on integrating both the PTCL and Ufone to reap synergies, and the move is apparently going to help Etisalat in achieving the goal.

While a complete (Jazz-Warid) merger is not a choice, due to different nature of business, both the companies have combined several departments and functions already.

Not to mention, PTCL has scheduled a briefing for later today to share financial results and other major announcements with the media.

This is a developing story and more details will be shared as they are made available to us.