The central government has established a three-member search-cum-selection committee tasked with identifying a new Chairman for the Indian Oil Corporation (IOC). The committee will be chaired by the Chairperson of the Public Enterprises Selection Board (PESB) and includes the Oil Secretary as a member, according to an official order.
Former Hindustan Petroleum Corporation Ltd (HPCL) Chairman, M K Surana, serves as the third member of this committee.
Notably, no specific timeline has been provided for the selection of the new IOC Chairman.
In a rare move, the government granted a one-year post-retirement extension to the current IOC Chairman, Shrikant Madhav Vaidya, in August. Vaidya, who assumed the role of IOC Chairman on July 1, 2020, was originally set to retire upon reaching the superannuation age of 60 at the end of August. However, he was re-employed on a contract basis for a one-year period starting from September 1, 2023, until August 31, 2024, or until the appointment of a regular successor to the position, or until further directives are issued, whichever occurs first.
This extension is a rare occurrence in the context of a director on a state-owned enterprise’s board receiving an extension of service beyond the retirement age. In recent years, no Chairman of a Maharatna PSU (Public Sector Undertaking) has received an extension beyond the age of 60.
The Ministry of Petroleum and Natural Gas recommended Vaidya’s service extension after the Public Enterprises Selection Board (PESB) did not provide a recommendation for the next Chairman of IOC following interviews with ten candidates in May.
In an official order dated October 7, it was announced that the Appointments Committee of the Cabinet had approved the oil ministry’s proposal to form a search-cum-selection committee for the appointment of a new Chairman for IOC.
