Shahnaz Rahman, the wife of late Latifur Rahman, the legendary founder and longtime chairman and chief executive officer of Transcom, has become the new chairman and managing director of the business group.
The decision was taken by the late entrepreneur and also approved by the board as well as the concerned government authorities, Transcom said in a corporate announcement yesterday.
Latifur Rahman, who was best known for his ethical business practices at home and abroad, breathed his last on July 1 at the age of 75.
At all material times, and notwithstanding anything contrary mentioned elsewhere, after the demise of Latifur Rahman, Shahnaz Rahman, a director of the company, would hold the position of chairman and managing director of Transcom and chairman of all of its subsidiaries and companies, the announcement said.
A longtime director of the board of Transcom, she will continue to hold the position until she retires voluntarily.
Shahnaz Rahman became the top taxpayer among women in the Dhaka City Corporation in 2019. In 2017, the National Board of Revenue honoured her family as tax icon in recognition of paying taxes for a long time.
Likewise, Simeen Rahman, also a director of Transcom, would hold the position of chief executive officer of Transcom and group CEO of the subsidiaries and companies. She would continue to hold the position until she retires voluntarily and will have all operational, management and controlling power of Transcom and its subsidiaries, the announcement said, which was signed by Md Kamrul Hassan, company secretary of the company.
Simeen Rahman is the daughter of Latifur Rahman and Shahnaz Rahman and executive committee member of the Metropolitan Chamber of Commerce and Industry, the country's oldest trade body.
One of the top business groups in Bangladesh, Transcom has been carrying out business activities for more than 135 years. Currently, it employs more than 18,000 people.
Transcom has 16 operational entities from medicine, foods, lighting, electronics to media. It is the local business partner of international brands Pizza Hut, KFC, PepsiCo and Philips.
The companies under Transcom include Eskayef Pharmaceutical, Mediastar, Transcom Beverages, Transcom Distribution, Transcom Foods, Transcom Electronics, Transcom Consumer Products, Bangladesh Lamps, Transcom Cables, Tea Holdings, Reliance Insurance, Transcraft and Bangladesh Electrical Industries.
Having an annual turnover of Tk 7,500 crore, Transcom Group is one of the highest of corporate tax and VAT-payers in Bangladesh.