PAKISTAN
Mitchell’s Fruit Farms Limited (MFFL) has announced the resignation of its Chief Executive Officer, four Directors, and Chief Financial Officer, following the recent acquisition of a controlling stake by CCL Holding (Private) Limited.
In a filing to the Pakistan Stock Exchange (PSX), the company reported that during a Board meeting held on October 16, 2025, letters of resignation were received from:
Najam Aziz Sethi (Director & Chief Executive Officer)
Shazad Ghaffar (Director & Chairman)
Mujeeb Rashid (Director)
Aamir Amin (Director)
Syed Manzar Hasan (Director)
Rashid Butt (Chief Financial Officer)
Media reports indicate the resignations were tendered “pursuant to the provisions of the Agreement” and were “consequent to the recent acquisition of a 40.63% shareholding by CCL Holding (Private) Limited.”
The company’s Board simultaneously approved the appointment of new Directors and senior executives to fill the vacancies. The newly inducted members include Kashif Sajjad Sheikh, Nadeem Bin Javaid Sheikh, Babar Sultan, Farooq Nazir, Usman Butt, and Wahab Hamid Malik.
Change Driven by Ownership Transition
The reshuffle follows a significant change in control at Mitchell’s Fruit Farms. CCL Holding recently acquired 9.29 million shares — representing 40.63% of the company’s total equity — at Rs 180 per share, amounting to approximately Rs 1.7 billion. The transaction was completed on October 15, 2025.
Analysts note that such sweeping leadership changes typically accompany major acquisitions, allowing new shareholders to reconstitute the Board and management team in line with their strategic priorities.
Governance and Strategic Reorientation
The Board resolutions also included the formation of new standing committees, including Audit, HR & Remuneration, and Sustainability Committees, and the revocation of authorizations held by outgoing executives — signaling a broader governance reform.
Industry observers believe the move reflects CCL Holding’s intention to pursue operational restructuring and performance revival at Mitchell’s, which has undergone several management transitions over the past few years.
In 2022, former Chairman Najam Aziz Sethi had also stepped down amid attempts to steer the company out of prolonged financial difficulties.
Company Background
Founded in 1933 as Indian Mildura Fruit Farms Ltd., the company was renamed Mitchell’s Fruit Farms after independence. Listed on the Pakistan Stock Exchange (MFFL), it is among the country’s oldest food manufacturing enterprises, producing a wide range of fruit preserves, beverages, sauces, pickles, confectionery, and processed foods.
Mitchell’s operates large-scale processing facilities and orchards in Renala Khurd, District Okara, Punjab, supplying both domestic and export markets.
Recent Developments
In its latest financial results, Mitchell’s reported a net profit of Rs 183.7 million for the quarter ended September 30, 2025, marking an elevenfold year-on-year increase, primarily driven by a one-time gain from the sale of property, plant, and equipment.
The company’s renewed profitability and change in ownership have generated optimism about a potential strategic turnaround and fresh investment under the new leadership.
Industry Implications
The sweeping leadership transition marks the start of a new chapter for Mitchell’s Fruit Farms — one of Pakistan’s most recognized consumer brands. For investors and industry watchers, the developments indicate a shift toward stronger governance, financial discipline, and growth orientation.
However, the company has yet to share details of its long-term strategic roadmap or comment on the departure of outgoing executives. ER Nesk Desk/Monitoring
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