Lt Gen Akhtar was promoted as three star general and appointed Director General Inter-Services Intelligence as part of major reshuffle in the military, a development that would help Gen Sharif in consolidating his powers amid political instability in the country.
"Maj Gens Rizwan Akhtar, Hilal Hussain, Ghayur Mahmood, Nazir Butt, Navid Mukhtar, Hidayat Ur Rehman" were promoted to next ranks, Director General Inter Services Public Relations (ISPR) Major Asim Bajwa wrote on Twitter.
He also said Akhtar was appointed as to DGISI, Hidayat to Peshawar Corps commander, Mukhtar Karachi Corps Commander, Hussain Mangla Corps Commander, Mahmood Gujranwala Coprs Commander, Butt as chief of communication and Information Technology at GHQ.
Technically and legally the ISI chief is appointed by the prime minister on the advice of the army chief but the former can seldom have his will. Usually the army chief sends a name to the prime minister as formality who had to approve it.
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Earlier, it was reported that Maj Gen Naveed Mukhtar was also in the run for the top spy job.
He is from the Frontier Force Regiment and commanded the infantry brigade and infantry division in the Federally Administered Tribal Areas (Fata).
Previously as Sindh DG Rangers, Maj Gen Akhtar had been assigned with the task to lead the Karachi operation. But the military had replaced him as DG Rangers Sindh with another senior military officer.
Akhtar is also considered to have extensive experience of counterinsurgency from a previous posting in the border region of South Waziristan.
"He is a professional soldier who has experience of both Fata and internal security in Karachi," an army official said.