ONGC to have another interim Chairman

22 Aug 2022 , 09:16 AM

Since the position of India’s most profitable firm became vacant 17 months ago, the state-owned Oil and Natural Gas Corporation is getting ready for a record third interim chairman, according to reports.

Since April 2021, ONGC has been operating without a regular chairman and managing director. After Shashi Shanker retired on March 31, 2021, Subhash Kumar, the senior-most director on the firm board and the director of finance, was named acting head. Additionally, Alka Mittal, Director of Human Resources, received an extra responsibility when Kumar departed on December 31, 2021.

The next senior-most director, Rajesh Kumar Srivastava, Director (Exploration), is likely to be chosen as interim head unless she is granted a longer period of time, according to news reports. Mittal will retire at the end of the month.

As the government has yet to name a permanent leader, speculation is turning to the third interim chairman, a record for ONGC.

The terms of reference for the search and selection committee, whose job it was to find qualified individuals in February of this year, were only finalized this month.

A higher eligibility age limit recommended by the oil ministry allowed most current directors, who would have been unable to even apply, to be considered, according to the panel, which has shortlisted nine candidates.

A suitable candidate could not be discovered among the applicants for the second time in one and a half decades.

R S Sharma was chosen by PESB to lead the corporation in August 2006, but the Prime Minister’s Office (PMO) opposed his nomination in February 2007 because it wanted the selection process to be expanded by including candidates from the private sector.

In June 2007, Sharma was once more chosen by the PESB, and this time the ACC had given their support.