Asad Umar, Chief Executive Officer, President and Chairman of Engro Corporation Limited, has left his job of 27 years, to join Pakistan Tehreek Insaf.
According to the Express Tribune:
Umar’s 27-year career at Engro began in 1985, when the company was still a subsidiary of ExxonMobil, the global oil giant.
“I still remember the exact figure of my first salary: Rs8,170 per month. My boss at the time said ‘Well, frankly they are paying you too much.’” As CEO of Engro Corporation, Umar was paid Rs68.6 million for the year 2011, which comes to a monthly salary of Rs5.7 million.
In addition to his salary, Umar, 50, was also paid in stock and currently owns about 2 million shares of the company, with options to buy another 924,000, according to Engro’s latest available financial statements. At Monday’s closing price of Rs102.47 per share, that puts the value of Umar’s stocks and options at over Rs300 million.
Asad Umar is also a board member of Pakistan Business Council.
It is currently unclear what role Asad Umar, former CEO of a business conglomerate, is going to play in Pakistan Tehreek Insaf. However, with inclusion of the likes of the Kasuris, Tareens, Javed Hashmi, Shah Mehmood Qureshi and now Asad Umar, PTI is rapidly transforming into a Party of Talented Individuals.