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TRG CEO Resigns From Roles Amid Sexual Assault Allegations

·1-min read

(Bloomberg) -- TRG Pakistan Ltd. shares tumbled after the company said Chief Executive Officer Zia Chishti has resigned from all roles in the company.

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TRG’s stock dropped by as much as 3.9% in Karachi at 10:14 a.m. local time, the biggest decliner on benchmark KSE-100 Index. The shares have dropped by 30% since the assault claims.

Earlier this month, Chishti stepped down from his roles as CEO, chairman and board director at Afiniti Ltd., a TRG-linked company. That departure came two days after a 23-year-old former employee testified before a U.S. Congressional committee that he sexually assaulted her during a business trip to Brazil.

Chishti, who spent more than a decade building Afiniti, a company he said would revolutionize the way call centers operate, is also stepping down from his role as chairman of the Resource Group International Ltd., which owns a stake in Afiniti.

The Pakistani-American previously launched the Invisalign dental braces business, which is now worth $47 billion. He founded the company that would become Afiniti in 2006 as a call-center operator.

(Updates with shares in second paragraph)

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