ISLAMABAD – Crisis hit Indus Motors company faces another setback.
The Chief Financial Officer of Indus Motor Company, Muhammad Aqeel Loon,has resigned from his position after serving at the organization for lessthan two years.
He cited personal reasons for his resignation. However, his period ofservice included a tough phase which could be one of the contributingfactors behind the resignation.
In the financial year 2018-19, the profits of the company declined by 13percent, dropping further by 62.4 percent in the ongoing financial year.The decline in the profitability was mainly due to the lower demand of carsin the local market.
According to the internal memo, Aqeel Loon, Chief Financial Officer (CFO),has decided to part ways with IMC due to personal reasons. We would like tothank him for his contributions and wish him successes in his futureendeavors.
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CEO Ali Asghar Jamali appointed Muhammad Ibadullah, Senior General ManagerHuman Resource and Admin, as the new CFO of the company. He will continueto look after the administration department.
The company is being further restructured as Khurram Mehmood will head theHuman Resource Department.
