According to the company, shareholders both within Pakistan and abroad have been formally informed of the development.
A letter regarding the appointment of the replacement director has also been sent to the Pakistan Stock Exchange.
The company secretary said the appointment had been approved by K-Electric’s board of directors.
Media reports recalled that on August 13, 2022, K-Electric had appointed Mark Gerard Skelton as chairman of its board of directors, replacing Shan A Ashary.
The appointment followed the reconstitution of the company’s board after an extraordinary general meeting held on July 29, 2022 in accordance with statutory requirements.
Skelton, born in 1972, has more than two decades of experience in corporate finance and advisory.
His work has primarily focused on advising private equity funds and investors as well as handling cross-border assignments involving different legal jurisdictions and financial structures.
Before joining K-Electric, he held senior roles in major restructuring advisory firms and a leading Big Four accounting firm.
Skelton is also a member of the Chartered Accountants Australia and New Zealand (CAANZ).