KARACHI (HRNW): In a significant development for Pakistan’s power sector, Mark Gerard Skelton, the foreign Chairman of K-Electric’s (KE) Board of Directors, has officially resigned from his position. Following his departure, the board has appointed Shehryar Arshad Chishti as an Alternate Director, marking a major shift in the utility’s governance and a consolidation of influence by local investment groups. Mark Skelton, a Managing Director at the international firm Alvarez & Marsal, had been serving as Chairman since August 2022, and his resignation was formally disclosed to the Pakistan Stock Exchange (PSX) on March 13, 2026.
This move follows the recent departure of CEO Moonis Alvi and comes as AsiaPak Investments, led by Shehryar Chishti, continues to increase its footprint in the company through the Infrastructure and Growth Capital Fund (IGCF). Chishti, a prominent investment banker, has been a vocal advocate for restructuring K-Electric’s fuel mix toward local resources like Thar Coal to reduce generation costs. These leadership changes precede the much-anticipated Board Elections scheduled to take place during the holy month of Ramazan under the directives of the SECP. With the Chairman now stepped down and the CEO position vacant, the newly constituted board is expected to finalize the appointment of a new Chief Executive shortly after the upcoming elections to address Karachi’s ongoing energy challenges.
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