Fahumee dismissed, Shamah takes over as STELCO MD

Hussain Fahumee has been dismissed today, with former MIFCO CEO Ahmed Shamah appointed in his stead. 

Privatization and Corporatization Board announced the change today. However, they did not provide the reason for the decision. 

Fahumee, who served STELCO for 25 years, was appointed as MD in November 2023. 

Shamah was filling the post of MIFCO CEO when he was transferred to Fisheries Ministry as a State Minister last year. 

STELCO’s leadership shift coincides with recent changes at the helm of other state-owned enterprises.

As such, former Road Development Corporation (RDC) MD Ali Zuhair was recently appointed as MD of Housing Development Corporation (HDC). He was replaced as RDC MD by former State Minister at Construction Ministry Ibrahim Nazeem.