Lotfi, who earlier served as the company’s deputy head, is the former managing director of the large-cap Fars and Khuzestan Cement Company. He replaces Reza Norouz-Zadeh who took the helm of SSIC on June 22, 2016, IRNA reported. The investment arm of Social Security Organization, also known by its Persian acronym Shasta, controls nine holdings operating in a wide range of sectors, including petroleum, petrochemicals, pharmaceuticals, cement, transportation and finance. These holdings manage about 200 subsidiaries, 1,000 board members and 350 trillion rials (more than $9 billion) of assets, Financial Tribune reported.