Farrukh H Khan, who recently resigned from his positions as CEO and Managing Director of the Pakistan Stock Exchange (PSX), is set to join telecom operator Jazz as its Chief Financial Officer (CFO), effective September 15, 2024. The confirmation was provided by sources to Business Recorder on Monday.
Farrukh Khan brings with him over 30 years of experience at the helm of major financial institutions, boasting an impressive track record. He has previously held leadership roles as CEO of Acumen Fund, co-founder and CEO of BMA Capital Management, and CFO at American Express.
Last week, it was announced that Farrukh Khan had resigned from his position at PSX to “pursue other opportunities,” nearly a year and a half before the end of his tenure. He joined PSX in February 2020, during the outbreak of COVID-19 in Pakistan. Under his leadership, PSX activated the IPO window after an 18-month hiatus, introduced the Growth Enterprise Market (GEM) Board, and signed on and activated debt market makers.
In a separate statement, Aamir Ibrahim, CEO of Jazz and Chairman of Mobilink Microfinance Bank Limited (MMBL), confirmed the development. “We welcome Farrukh Khan to our leadership team. His rich expertise and leadership in capital markets are crucial as we evolve into a ServiceCo,” Ibrahim said.
This announcement comes at a strategic time for Jazz, as the telecom operator seeks growth in various sectors, including financial services, software development, data centers, cloud solutions, and entertainment. With a projected compound annual growth rate of over 20%, Jazz aims to double its revenue by 2027, with significant contributions from new ventures such as the fintech platform JazzCash, the cloud offering Garaj, and the digital streaming service Tamasha.
Farrukh Khan’s appointment as CFO is expected to strengthen Jazz’s leadership team, providing valuable expertise and insights as the company pursues its ambitious growth plans.