PML-N does it the PPP way

[Amaa'n]

According to the Lesco officials, by directly appointing the new CEO, the ministry has bypassed the Lesco Board of Directors, which it appointed only a week ago. It was not only the appointment, but the new CEO has also been instructed to directly seek approval of the ministry in all financial and policy-related matters, which, otherwise, as per company laws, is the prerogative of the board of directors.

The ministry had disbanded the last BoD on July 3 when it was holding a meeting at the Lesco headquarters. The last board was told to abort the meeting because a new BoD is being notified. A new 10-member board was notified within an hour. The ministry, in the same executive order, also appointed Waqar A Khan as BoD chairman, instead of letting the board members elect one.

The new BoD had reportedly been proposed by the chief minister and approved by the prime minister. Whereas, the ministry took it as an interference in its affairs and issued an executive order virtually stripping the new BoD of its administrative and financial powers that the Company Ordinance grants it.

@Fracker, please explain what is being said above,
i was not aware of the process for the appointment of new Acting CEO, thats why I asked, whether the due process was followed.
Depending on the corporation, one cannot simply hire and fire CEO, without getting BoD approval and against company law. anyone whatever the case lets see what they do with appointment of CEO.

BTW any idea for how long they can have Acting CEO as per company law/ policy?

 

[Fracker]

@Fracker, please explain what is being said above,
i was not aware of the process for the appointment of new Acting CEO, thats why I asked, whether the due process was followed.
Depending on the corporation, one cannot simply hire and fire CEO, without getting BoD approval and against company law. anyone whatever the case lets see what they do with appointment of CEO.

BTW any idea for how long they can have Acting CEO as per company law/ policy?

Termination, have you heard this word in cooperate? And yes one can fire anyone, if he is found guilty somewhere. And termination is something which happens quickly, like you are sitting on your desk and now you have to go.

Secondly, executive Order is completely legal way. With this executive order even this CJ was fired and restored back.

Last not the least, when you are trying to cleanup mess then these things are expected to happen. In my previous company, they had "Acting CEO" for 3 months. I don't know about LESCO.