Mohammad Ali Khokon, the long-serving president of the Bangladesh Textile Mills Association (BTMA), resigned from his position on Sunday.
Khokon, who has been at the helm of the association since 2019, cited health concerns and a demanding business schedule as reasons for his decision to step down.
Despite stepping down as president, Khokon will continue to serve on the board as a director.
The announcement was made during an emergency board meeting, where Showkat Aziz Russell was elected as the new president.
Russell's appointment followed the resignation of Ahnaf Aziz, a BTMA director, who also stepped down on the same day. Russell's inclusion in the board is seen as a significant change in the leadership dynamics of the association.
Khokon's tenure as president spanned two biannual terms, and prior to that, he served as vice-president for a term.
Under his leadership, the BTMA made a notable amendment in April 2023, extending the maximum number of consecutive terms for the president from three to four. This amendment was seen as a move to allow continuity in leadership.
Brigadier General (Rtd) Md Zakir Hossain, Secretary General of BTMA, confirmed Khokon's resignation, attributing it to his health issues and busy schedule. "He has been an instrumental leader, and we respect his decision. We are glad he will remain on the board to continue contributing to the association," Hossain stated.
Meanwhile, Showkat Aziz Russell, in his first remarks as president, congratulated the new interim government and expressed condolences to the students who lost their lives in recent protests.
He also expressed gratitude to the government for its decision to import fertilizer and ensure a steady supply of gas to industries, addressing some of the major concerns the textile sector faces.
Russell highlighted that the previous government’s abrupt increase in gas prices and the withdrawal of cash incentives had caused significant worries in the industry. He also pointed out that the ongoing liquidity crisis remains a major challenge for the textile sector.
With the new leadership in place, the BTMA is poised for a new chapter, and industry stakeholders are hopeful that Russell’s presidency will bring positive changes amidst the current economic challenges.