- Six-minute session ends in walkout over CEO’s removal; quorum falls short again
- Top management split deepens as board fails to decide on key leadership changes
A crucial meeting of K-Electric’s Board of Directors ended abruptly on Thursday after deep divisions emerged among members over the removal of top executives, including CEO Moonis Alvi, according to people attended the meeting and other familiar with the matter.
The meeting, which was called to discuss major leadership changes at the utility, reportedly lasted only six minutes before breaking up due to a lack of quorum. Sources said five directors, including Alvi, three representatives of Aljomaih Group, and board member Saad Amanullah, walked out of the session, effectively paralyzing the proceedings.
This was the latest in a series of aborted board meetings amid mounting tensions within K-Electric’s top management. The 1263rd meeting, rescheduled for November 13 after earlier delays, was expected to decide on filling key positions such as the Chief Financial Officer (CFO) and Chief Distribution Officer (CDO) and to initiate the search for a new CEO.
However, insiders said the meeting descended into disagreement over the proposed leadership reshuffle and ongoing disputes about governance and regulatory strategy.
The infighting comes at a sensitive time for the company, which is facing financial and regulatory pressure following a tariff reduction and disputes over operational control.
Repeated adjournments due to lack of quorum and internal friction have underscored the growing power struggle within K-Electric’s boardroom, further complicating efforts to stabilize the country’s only vertically integrated power utility.
