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As Vaidya’s exit looms, Indian Oil getting ready for a new leadership
In the coming weeks, Shrikant Madhav Vaidya’s extended tenure as chairman of Indian Oil Corp Ltd (IOCL) will wrap up, and the search for his successor is already in full swing. Last week, a three-member search-cum-selection committee, led by Mallika Srinivasan, chairman of the Public Enterprises Selection Board (PESB), including petroleum secretary Pankaj Jain and former HPCL chairman M.K. Surana, interviewed about a dozen candidates to find the right fit.
The selection process, held at Shastri Bhawan — the heart of the ministry of petroleum and natural gas — saw a mix of internal candidates from IOCL and at least one strong external contender. While early signals suggest a frontrunner has emerged, it might be a while before we know for sure who will take the helm of this Fortune 500 giant.
Notably, when a search-cum-selection committee (SCSC) steps in, it has the authority and discretion to choose the best candidate for the job. Mr Vaidya, originally set to retire on August 31 last year, was granted a one-year extension, pushing his retirement to this month-end, on a re-employment and contract basis. Rumour has it that he might stay on for a few more weeks to ensure a smooth transition, pending the final nod from the Appointments Committee of the Cabinet (ACC).
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