Fahmy dismissed as STELCO MD; Shamaah appointed as successor
As of now, neither STELCO nor the PCB has issued an official statement elaborating on the leadership change
Hussain Fahmy (R) and Ahmed Shamaah (L)
Hussain Fahmy has been dismissed from his position as Managing Director of the State Electric Company Limited (STELCO), with Ahmed Shamaah Rasheed appointed as his replacement.
The announcement was made via social media by the Privatization and Corporatization Board (PCB), which confirmed that Fahmy had been removed from his post by the Board of Directors and that Shamaah had officially assumed the role of Managing Director.
The PCB did not disclose the reason behind Fahmy’s dismissal. He had served at STELCO for over 25 years and was appointed as Managing Director in November 2023.
Fahmy’s removal comes amid growing public dissatisfaction over frequent power outages in the capital, Malé City and Hulhumalé, as well as increasing electricity tariffs, issues that had drawn significant criticism in recent months.
Ahmed Shamaah Rasheed, Fahmy’s successor, previously served as the Chief Executive Officer of the Maldives Industrial Fisheries Company Limited (MIFCO). He was removed from that position last year and subsequently appointed as a State Minister at the Ministry of Fisheries.
As of now, neither STELCO nor the PCB has issued an official statement elaborating on the leadership change or the circumstances surrounding it.
