NetSol Technologies Inc. said Friday that as part of a strategic growth initiative and corporate reorganization, current Chairman Najeeb Ghauri will replace his brother, Naeem U. Ghaurias, chief executive of the company.

The move is an effort to simplify reporting procedures, according to Marty Tullio, a spokeswoman for the company, since Naeem , who has served as chief executive for the past five years, is based in London and Najeeb is based in Calabasas at the compnay's headquarters.

Shares in NetSole were flat in early trading on Friday at $1.77.

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