In a recent announcement that has reverberated throughout the Indian oil and gas industry, Shrikant Madhav Vaidya, Chairman of the Indian Oil Corporation Limited (IOCL), has been granted a unique extension of his tenure by an additional year. This decision stands as a resounding endorsement of Vaidya’s exemplary leadership acumen and his strategic vision for the company’s growth and development.
The decision to extend Vaidya’s tenure was authorized by the Appointments Committee of the Cabinet (ACC), following the proposal put forth by the Ministry of Petroleum and Natural Gas. This extension will see Vaidya’s tenure extend from September 1, 2023, to August 31, 2024.
According to the official order, “The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Ministry of Petroleum and Natural Gas for re-employment on a contract basis of Shri Shrikant Madhav Vaidya, Chairman, Indian Oil Corporation Limited (IOCL), for a period of one year beyond the date of his superannuation, i.e. w.e.f. 01.09.2023 till 31.08.2024 or till the appointment of a regular incumbent to the post or until further orders, whichever is the earliest.”
Shrikant Madhav Vaidya, who assumed the position of IOC Chairman on July 1, 2020, celebrated his 60th birthday on Monday, a milestone that traditionally marks the end of service for most executives. However, this extension now enables him to continue steering the course of India’s largest oil company for an additional year.
Interestingly, on May 16, the Public Enterprises Selection Board (PESB) — the government’s recruitment agency — had rejected all ten candidates who had been interviewed for the Indian Oil chairman position. Instead, PESB advised the petroleum ministry to explore alternative avenues for selection.
The announcement of Vaidya’s tenure extension comes on the heels of a strong financial performance by the state-run oil marketing company. On July 28, IOC reported a consolidated net profit of Rs 14,735 crore in the first quarter of the fiscal year 2023-24, attributed to a rebound in marketing margins. This stands in stark contrast to the net loss of Rs 883 crore reported in the same period the previous year, which had been largely influenced by the impact of elevated international crude oil prices.
