Interim Chairmen Named for IOC and HPCL

29 Aug 2024 CW Team

The government announced interim chairmen for two major oil firms, Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Ltd (HPCL), as the search for permanent heads continues. According to an order from the oil ministry, Satish Kumar Vaduguri, the Director of Marketing at IOC, has been appointed as the interim chairman of the company for a three-month period beginning September 1. He will succeed Shrikant Madhav Vaidya, who will complete his extended term at the end of the month.

In a separate directive, the ministry named Rajneesh Narang, Director of Finance at HPCL, as the interim chairman and managing director for a three-month term starting September 1. Narang will take over from Pushp Kumar Joshi, who will retire upon reaching the age of 60 on August 31.

Due to the inability of the PESB to find suitable candidates, three-member search-cum-selection committees are now tasked with finding new leaders for both IOC and HPCL. On August 11, the panel interviewed nearly a dozen candidates and is reported to have shortlisted Sandeep Gupta, the former Director of Finance at IOC and current Chairman and Managing Director of GAIL. His appointment is now under review by the Appointments Committee of the Cabinet.

Vaidya, who began his role as chairman of IOC on July 1, 2020, was initially set to retire on August 31, 2023, upon reaching the age of 60. However, in an unusual decision, he was re-employed on a contract basis for one year beyond his retirement date, from September 1, 2023, to August 31, 2024, as stated in an official order dated August 4, 2023.

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