The Modi government Wednesday (28.08.2024) appointed Satish Kumar Vaduguri as the interim Chairman of Indian Oil Corporation Limited (IOCL) for three months, effective from September 1. Vaduguri, currently serving in the company as Director (Marketing), will replace Shrikant Madhav Vaidya, who is set to complete his extended tenure on August 31.
The headhunter PESB interviewed 10 candidates on May 16, 2023, but failed to find suitable candidate and recommended the Ministry of Petroleum and Natural Gas to take an appropriate course of action for selection including the Search-cum-Selection Committee (SCSC) or as deemed appropriate with the approval of the competent authority.
On August 11, SCSC interviewed nearly a dozen candidates and is learnt to have recommended the name for a successor to Vaidya, but the ACC approval is still awaited.
Vaidya appointed Chairman of IOCL on July 1, 2020 and was set to retire on August 31, 2023, when he attained the age of 60 years. But in a rare move, he was re-employed on contract basis for one year beyond the date of his retirement i.e. with effect from September 1, 2023, till August 31, 2024.
