TEHRAN - Iran’s biggest automaker Iran-Khodro Company (IKCO)’s board of directors has elected Deputy Industry Minister Farshad Moqimi as the company’s new CEO, IRIB reported on Monday.

Moqimi, who has been also a board member of Iran’s Industrial Development and Renovation Organization (IDRO), replaced Hashem Yekke-Zare, the former CEO of IKCO who was dismissed and arrested last week upon an order by the Judiciary.

Yekke-Zare’s “uncoordinated decision” to increase prices was cited as the reason for his dismissal and arrest.

EF/MA