NetSol Technologies Inc (NASDAQ:NTWK) shares rose 2.1% on Monday following the company's announcement that Sardar Abubakr will assume the role of Chief Financial Officer, effective January 20, 2026. The new CFO will be based in Dubai and join the company's senior finance team as it pursues its growth strategy.
Abubakr arrives with more than 20 years of international leadership experience across Europe and Asia. Most recently, he served as Vice President of New Business Ventures and M&A at Jazz, a subsidiary of VEON Group, where his responsibilities included creating new ventures, steering strategic transactions and overseeing restructuring initiatives.
The company said the incumbent chief financial officer, Roger K. Almond, will not depart the organization but will transition to the role of Chief Accounting Officer. In that capacity, Almond will continue to carry responsibility for NetSol's global accounting operations and for filings with the U.S. Securities and Exchange Commission. The company described the change as a continuity-focused transition to support its broader growth objectives.
Commenting on the appointment, Naeem Ghauri, President and Co-Founder of NetSol Technologies, said:
"We are excited to welcome Mr. Abubakr to NETSOL at a pivotal moment in our growth," said Naeem Ghauri, President and Co-Founder of NETSOL Technologies. "Sardar brings deep international leadership experience across finance, strategy and transformation, with a proven track record operating in complex, multi-entity environments at large, publicly traded organizations."
Abubakr's background spans senior leadership positions in telecommunications, fintech and digital organizations. The announcement notes that his work on digital acceleration earned recognition with a Global Innovation Award from the ITU (United Nations). He is also a Fellow of the Association of Chartered Certified Accountants (FCCA).
NetSol Technologies provides AI-enabled solutions intended for original equipment manufacturers, dealerships and financial institutions to facilitate the sale, financing and leasing of assets. The company framed the CFO transition as part of its effort to maintain operational continuity while advancing its strategic growth plans.
Market reaction: The company's stock move of 2.1% on Monday accompanied the personnel announcement, reflecting investor response to the leadership change.