The guest speaker for our Regular weekly meeting of Monday 21st December, 1 pm at the Pearl Continental Hotel was Mr. Asad Umar.
Asad Umar (born 1961) is a Pakistani politician and former business administrator. He served as CEO and President of Engro Corporation for 8 years during a 27-year career with the company. He received Sitara-i-Imtiaz for his business achievements in 2010.
Umar’s 27-year career at Engro began in 1985, when the company was still a subsidiary of ExxonMobil, the global oil giant. He joined the company as a business analyst, and was working for it abroad in Canada when the famous management buyout of Engro took place in 1991. Umar came back to Pakistan and in 1997 was appointed the first CEO of Engro Polymer & Chemicals, the group’s petrochemical arm. Later on, he was elected as the President and CEO of Engro Corporation in January 2004 and transformed the business from a mere chemical company to a giant conglomerate. It was his idea to diversify into dairy and food business and today ‘Engro Foods’ stand as the highest profit producing subsidiary of Engro Corporation. It was in his tenure when Engro became the first Pakistani company to buy a business entity abroad when the company earlier in 2012 bought Canadian based food company ‘Al Safa Halal’.
Umar has been quoted about his first salary as saying, “I still remember the exact figure of my first salary: Rs 8,170 per month. My boss at the time said ‘Well, frankly they are paying you too much.” At the time he left the company, he was the CEO in the company who received Rs 7 million monthly as salary.
His topic was “Basic Contours of Economic Policies Should be above Politics”.