Leadership transitions within companies are significant events as these can be complex decisions and can have long term impacts on organizations’ sustainability.
Everybody at Interloop was taken by surprise when Musadaq Zulqarnain, CEO Interloop Limited tendered his resignation to the Board on 8 Sept., 2018 on attaining the age of superannuation. The Board accepted his resignation and appointed COO Interloop, Navid Fazil, as the new CEO of the Company. Musadaq will continue to serve as Chairman of the Board of Directors of Interloop Limited. To commemorate this transition, a prestigious ceremony was organized at VSF Lawn, at the Interloop Industrial Park (IIP), on 29 Sept. 2018. While all executives and non-executives from Plant 2, 4, Spinning and other functions at the IIP attended the event along with guests from Interloop’s US & Europe offices, the ceremony was broadcasted live to all Interloop Plants and overseas offices.
It was an emotional moment for all at Interloop. Tariq Rasheed, Director Sourcing and one of the founding members of Interloop shared his thoughts on the occasion. He said, ‘It was quite shocking for us to hear about Musadaq’s retirement, but then Navid Fazil’s name was proposed as the CEO and we were happy that the most suitable person was being appointed. Today we are here to bid farewell to our respected and honorable Chief whose wisdom and intelligence has taken Interloop to great heights. Over the years, we experienced many tough times, ups and downs, but he always supported & encouraged us and kept us tied together like a family. He taught us hard work and helped us enhance our proficiency. From day one we believed in collective wisdom and practiced it.’ He added, ‘Interloop has earned great respect globally and is known for its values. We welcome our new leader Navid Fazil who is as competent as Musadaq and we are hopeful that we will achieve many more successes under his leadership.’
Musadaq Zulqarnain addressing Interloop team members said, ‘No one is indispensable and an important reason of success of institutions is leadership transitions. I am very happy today because the seed that we sowed years ago has grown into an enormous tree and that is because of your hard work, dedication and sincerity. I am grateful to God and thankful to you all. The reason of our prosperity is teamwork. I trust you all and am proud of you.’ He further said, ‘In a recent publication, Interloop was declared the 7th largest exporter of Pakistan and top exporter of Faisalabad. Everyone in our company firmly believes in our Mission – To be an agent of positive change for the stakeholders & community by pursuing an ethical & sustainable business. If we keep taking it forward, no one can stop us from progressing. We should keep in mind that this company has to work for centuries and the person who is working as a helper today, his son will be working here as a manager in future.’ Talking about Navid Fazil he said, ‘I have the comfort that I am leaving Interloop in better hands than mine. Navid, as you all know, has been looking after a major part of CEO’s functions for the last couple of years and is a very capable and caring leader.’
To mark the transition, Musadaq presented a beautiful wisdom tree to Navid. Navid presented a lovely painting of a lighthouse to Musadaq to express respect and illustrate how everyone looked up to him for guidance. Tariq Rasheed also presented a beautiful painting to Musadaq, signed by all HoD’s to show their respect and affection for him.
In the end, Navid Fazil in his address said, ‘We started this company on a very small scale, i.e., with 10 knitting machines only and now by the grace of God we don’t even know the exact count. This company is supporting livelihood of 15,000 families, it’s a great achievement and also a great responsibility on us. Musadaq led this company with wisdom, hard work and courage. Whenever we had some critical issue, he always supported and guided us. The good thing is that Musadaq’s guidance will be available to us and whenever we’ll come across any crucial issue, we will seek his direction. We will take this organization forward with hard work and dedication.’ He emphasized, ‘If this company continues to provide living to its people, this will be the biggest tribute to Musadaq. Let’s strongly follow our Mission to stay successful and sustainable and may God help us continue good work.’
The ceremony ended on plantation of trees by Musadaq and Navid at Interloop’s Sustainability Park.
