NetSol Technologies Inc. on Tuesday named Naeem Ghauri as its new president, effective immediately.

In the newly created role of president, Ghauri will oversee the domestic and international operations of the Calabasas-based software developer for the vehicle and equipment leasing markets.

Ghauri is currently the chief executive of Otoz, a subsidiary of NetSol that develops technology for mobile applications by auto companies and startups. He will remain in that position.

Ghauri said he appreciated the vote of confidence from the NetSol board and leadership team.

“(I) am looking forward to the opportunity to increase my involvement with our global operations on all levels,” Ghauri added in a statement.

As a co-founder of NetSol, Ghauri has established partnerships with tier-one auto companies and has helped to solidify the company’s position in the Asia Pacific region and beyond.

Shares ofn NetSol (NTWK) closed down Wednesday 3 cents, or just less than 1 percent, to $3.95 on the Nasdaq.