The board of directors of K-Electric (KE) on Friday elected Ikram Sehgal as their new chairman with immediate effect, read a statement issued by the power company.

Ikram Sehgal succeeds Tayyab Tareen who resigned from his post earlier in the day.

The KE board “expressed its fullest appreciation to Tareen for his constructive leadership and contribution to the company’s successful turnaround”.

With more than 40 years of business experience, Ikram Sehgal is the chairman of Pathfinder Group Pakistan which employs several thousand people in 50 towns and cities across Pakistan, read the statement.

Ikram Sehgal has authored several books and has served on the boards of many firms, including Bank Alfalah for 16 years.