The notice sent to the Pakistan Stock Exchange (PSX) explained that after Dar’s retirement, HBL will appoint Rayomond H Kotwal as interim CEO and president.
The notification further stated that, “Until a formal appointment has been made, Rayomond H Kotwal, HBL’s current CFO, will be officiating as the interim CEO.”
Furthermore, Dar is ready to facilitate in the transition process. HBL is delighted that Mr. Dar has made himself available for transition process as he has served HBL for 15 years and has made noteworthy contributions.
HBL is making more changes in the top management to set the future in the right direction. HBL has also declared the nomination of Syed Salim Raza as a director on the board of HBL. Mr. Raza has worked in senior positions in Citibank and is a former governor of the State Bank of Pakistan (SBP).
Furthermore, Sagheer Mufti is set to join HBL as a Chief Operating Officer from January 8, 2018. HBL has made this new position after the US authorities imposed penalty of $225 million on its New York branch. The branch has been closed by HBL.
Previously, Mufti has worked for Citigroup. In 2014, he was employed by Abu Dhabi Islamic Bank (ADIB) as its COO where he is presently responsible for ADIB’s operations, risk, compliance and control functions.
HBL Company Secretary Nausheen Ahmad said in the notification that, “In his last assignment with Citigroup, Mufti was Citibank’s Global Head for Anti-Money Laundering Operations.”
HBL wants to counter money laundering and compliance which is is why they are revamping the system. This has led to exploring of new options for top management of HBL.