Interim chairmen appointed for top oil firms IOC, HPCL

The IOC logo (Left); and the HPCL logo (Right).

Credit: Reuters Photo and Wikimedia Commons

New Delhi: The government on Wednesday named interim chairmen for top oil firms, Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Ltd (HPCL), as appointment of full-time heads is work in progress.

Satish Kumar Vaduguri, Director (Marketing), IOC has been appointed interim chairman of the company for three months starting September 1, an oil ministry order said.

He replaces Shrikant Madhav Vaidya who completes his extended term at month-end.

In a separate order, the ministry appointed Rajneesh Narang, Director (Finance), HPCL as the chairman and managing director of the company for three-month period starting September 1.

He would replace Pushp Kumar Joshi who superannuates on completion of 60 years of age on August 31.

With government headhunter PESB not finding anyone suitable, three-member search-cum-selection committees are looking for heads at both IOC and HPCL.

On August 11, the panel interviewed nearly a dozen candidates and is learnt to have zeroed in on Sandeep Gupta, who previously was Director (Finance) at IOC and is now Chairman and Managing Director of GAIL.

His name is now being vetted by the Appointments Committee of the Cabinet.

Vaidya, who took over as the chairman of India's biggest oil company on July 1, 2020, was to retire on August 31, 2023, when he attained the superannuation age of 60 years. But he was, in a rare move, "re-employment on a contract basis" for one year "beyond the date of his superannuation i.e with effect from September 1, 2023, till August 31, 2024," according to an official order dated August 4, 2023.

Thereafter, a three-member search-cum-selection committee was constituted to find who will head IOC after August 31, 2024. The panel is headed by the government headhunter Public Enterprises Selection Board (PESB) chairperson and includes the oil secretary and former HPCL chairman M K Surana as members.

Prior to Vaidya, no chairman of a Maharatna PSU was given an extension beyond 60 years in recent years.

In case of HPCL, the panel has just invited applications for the post.