Asad Umar

Asad Umar ( ; born 8 September 1961) is a Pakistani former business executive and politician who served as the Finance, Revenue, and Economic Affairs Minister of Pakistan from August 2018 to April 2019 and the Federal Minister for Planning, Development, Reforms and Special Initiatives from November 2019 to April 2022. Prior to entering politics, he served as the chief executive officer (CEO) of Engro from 2004 to 2012. Asad entered politics in 2012 and served as secretary-general of Pakistan Tehreek-e-Insaf from December 2021 to 24 May 2023.

Asad Umar ( ; born 8 September 1961) is a Pakistani former business executive and politician who served as the Finance, Revenue, and Economic Affairs Minister of Pakistan from August 2018 to April 2019 and the Federal Minister for Planning, Development, Reforms and Special Initiatives from November 2019 to April 2022. Prior to entering politics, he served as the chief executive officer (CEO) of Engro from 2004 to 2012. Asad entered politics in 2012 and served as secretary-general of Pakistan Tehreek-e-Insaf from December 2021 to 24 May 2023.

Professional career

Asad Umar joined HSBC Pakistan after graduation and continued to work for HSBC for seven months. Later, he joined Exxon Chemical Pakistan in 1985 as a business analyst and was based in Canada. He was the only Pakistani employee of Exxon working abroad (in Canada) when the management buyout of Engro took place in 1991. He came back to Pakistan and in 1997 was appointed the first CEO of Engro Polymer & Chemicals, the group's petrochemical arm. In 2004, Asad was appointed the president and CEO of Engro Corporation in 2004. He immediately made the company take a global perspective, becoming the first Pakistani private sector firm to hire US consulting firm McKinsey & Company to help create the Engro's strategy. As a result, Engro made changes to its corporate structure and went on a global expansion kick by buying out a US-based food company and beginning expansion into the fertiliser business in North Africa to supply the European market. In 2009, he was awarded Sitara-i-Imtiaz for his public service. He took an early retirement as president and CEO from Engro in April 2012 at the age of 50 amid speculation that he would pursue a political career. Umar is credited with turning a chemical company into a major conglomerate and was considered one of the most popular and highly paid CEOs in Pakistan. During his tenure as CEO of Engro Corporation, Umar was paid about PKR 68.6 million for the year 2011.

Political career

References

Text derived from https://en.wikipedia.org/w/index.php?oldid=1378206408 under CC BY-SA 4.0; modifications have been made.