The Pakistan Stock Exchange Limited (PSX) on Tuesday announced its Board of Directors elected Ruhail Mohammad as Chairman of the Board for the remainder of the Board’s term after the position became vacant following the demise of former chairperson Shamshad Akhtar.
In a statement, it said, the Board’s election of Mohammad was made in accordance with applicable legal and regulatory requirements and took place at a Board meeting held at 11:30 a.m.
The Board placed on record its highest appreciation for the exemplary leadership of Akhtar during her tenure as Chairperson of PSX. It acknowledged that she steered the PSX through a period marked by significant challenges with exceptional courage, wisdom, and grace, and that she upheld the highest standards of governance, integrity, and professionalism across the capital market ecosystem.
The Board also recognized Akhtar’s visionary contributions to policy formulation and strategic initiatives that materially advanced Pakistan’s fixed income market, including enabling the Government of Pakistan to access Shariah compliant government securities. The Board expressed deep regret at her passing and affirmed that she leaves a strong and enduring legacy of leadership and service.
The Board further extended its gratitude to Akhtar for her service and conveyed condolences to her family. In recognition of her outstanding contributions, the Board resolved to name the PSX auditorium the “Dr. Shamshad Akhtar Auditorium” as a lasting tribute.
Mohammad, the newly appointed chairman, brings with him over three decades of distinguished leadership experience across diverse sectors, with deep expertise in strategic oversight, institutional governance, and organizational development. Widely respected for his principled judgement, analytical depth, and people-centric leadership style, he has consistently contributed at the highest levels of corporate and boardroom decision-making. His extensive exposure to complex regulatory environments, long-term strategic planning, and enterprise-wide risk management positions him well to guide the PSX in advancing its mandate of transparency and sustainable growth.
During his tenure on the PSX Board, particularly as chairman of the BAC, he has played a pivotal role in strengthening PSX’s governance architecture. His stewardship has been instrumental in enhancing financial discipline and reinforcing internal control frameworks. Through his thoughtful engagement, independence of thought, and unwavering commitment to best governance practices, he has earned the confidence of the Board and management.
He is currently CEO of Lucky Electric Power Company Limited and has extensive board experience, having served on the boards of Engro Corporation and its various subsidiaries, K‑Electric, NBP Funds, the Pakistan Institute of Corporate Governance, the British Overseas School, the KP Energy Board (PEDO), and as Chairman of Pakistan Mercantile Exchange Limited. He currently sits on the boards of Lucky Group entities, Network of Organizations Working For People With Disabilities in Pakistan (NOWPDP-NGO), EFU Life Assurance and Pakistan Stock Exchange, and is Chairman of Dawood Lawrencepur Limited.
He is a CFA charterholder and holds an MBA from the Institute of Business Administration, Pakistan. He attended the Advanced Management Program at INSEAD and completed an Agri-business certification at Harvard Business School.
The Board expressed confidence in Mohammad’s ability to lead PSX through its next phase of development while honoring the legacy of Dr. Shamshad Akhtar.