The federal government of Pakistan has officially approved the appointment of Sulaiman S. Mehdi as the Chairman of the Board of Directors (BoD) of the State Life Insurance Corporation of Pakistan (SLIC). This significant decision was conveyed in a notification dated August 17, 2023, by the Ministry of Commerce.
The present Chairman, Shoaib Javed Hussain, will continue to serve as the Chief Executive Officer (CEO) of SLIC once the appointment of the Chairman BoD is formalized.
The appointment has been made under the authority vested in the federal government by Section 15 of the State-Owned Enterprises (Governance and Operations) Act, 2023.
Sulaiman S. Mehdi brings over 13 years of experience in senior positions within leading financial services groups. His expertise spans various domains, including operations, investments, marketing, legal, and corporate affairs. His career began as a Management Trainee (OG-II) with Pakistan Industrial Credit and Investment Corporation Limited (PICIC-DFI) in July 2001, where he later served as the Manager of Corporate Affairs until June 2004.
Sulaiman also served as the Chairman of the Pakistan Stock Exchange from July 2018 to April 2021, a role of significant influence in the country’s financial sector.
His contributions extend to serving as the Chief Operating Officer (COO) and Chief Strategy Officer (CS) of Pakistan Industrial Credit and Investment Corporation (PICIC) Asset Management Company Ltd. During this tenure, he played a pivotal role in the formation of PICIC AMC.
One of Sulaiman’s notable achievements includes his involvement in the $60 million acquisition of Hub Power Company Limited (HUBC) by Dawood Hercules Group. This landmark deal, initiated from Cyan’s platform on June 13, 2012, demonstrated his acumen in corporate finance.
State Life Insurance Corporation of Pakistan has a long history of contributing to Pakistan’s insurance industry. The company is dedicated to enhancing the industry’s role in the nation’s GDP and aims to fortify the economy by strategically leveraging technology, data, and a people-centric approach.
The appointment of Sulaiman S. Mehdi as Chairman BoD signifies a significant development in SLIC’s leadership. It underscores the company’s commitment to furthering its mission and impact on Pakistan’s insurance landscape.
Please note that the appointment is in accordance with the federal government’s regulations and aims to optimize SLIC’s governance and operations.
