Satish Vaduguri named interim chairmen for IOC, Rajneesh Narang for HPCL

As appointments are still in search progress, the government has named interim chairmen for top oil firms, Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Ltd (HPCL).

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

Read Also : Power grid acquires Bhadla-III and Bikaner-III Transmission Ltd

He would replace Pushp Kumar Joshi who superannuates on completion of 60 years of age on August 31. PESB Board on the other hand constituted three-member search-cum-selection committees to opt heads at both IOC and HPCL.

On August 11, the panel interviewed nearly a dozen candidates and was concluded by 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.

Read Also : HPCL appoints K Vinod as CFO of Board

Thereafter, a three-member search-cum-selection committee was constituted to find who would 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.

Before Vaidya, no chairman of a Maharatna PSU was given an extension beyond 60 years in recent years. In the case of HPCL, the panel has just invited applications for the post.

Read Also : NBCC Signs MoU with MTNL to Develop Prime Land in New Delhi