Government sets up panel to select IOC Chief

10 Oct 2023 , 09:58 AM

Recently, after a rare extension of term of its incumbent CEO, S M Vaidya, as he retired in August, the government has formed a panel to appoint a new chairman for Indian Oil Corp.

The Appointments Committee of the Cabinet (ACC) authorised the proposal of the Ministry of Petroleum and Natural Gas for choosing to the post of Chairman, Indian Oil Corporation Ltd, on immediate absorption basis, through a search-cum-selection committee as a one-time measure, according to an order issued by the government.

Mallika Srinivasan, head of the Public Enterprise Selection Board (PESB), former HPCL chairman M K Surana, and Pankaj Jain, petroleum secretary, are on the committee. Surana’s role is to serve as an ‘outside expert of eminence’ on the committee.

Last year, a similar three-member committee was formed to select the chairman of ONGC, with Srinivasan, Jain, and former Indian Oil Chairman B Ashok serving as the outside expert. The panel suggested former BPCL CEO Arun Singh, who was named chairman of ONGC by the ACC late last year.

The committee to select the Indian Oil head is likely to loosen the age criteria, as previously done for the ONGC chief, and consider even retired executives for the job, according to the persons familiar with the situation. This would keep Vaidya in the picture.

Despite the oil ministry’s recommendation for a two-year extension, Vaidya was given a one-year contract renewal by the Cabinet Appointments Committee in August.

 

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