Oil Ministry Initiates Search for New Chairman for Indian Oil Corp
New Delhi, India – The Oil Ministry has commenced the process of selecting a new chairman for Indian Oil Corp, suggesting that SM Vaidya may not be granted another term as his extended tenure nears its end.
According to a report in The Economic Times, the selection process was initiated on June 4, coinciding with the announcement of the results for the national elections. A search-cum-selection committee, comprised of Public Enterprises Selection Board chairperson Mallika Srinivasan, oil secretary Pankaj Jain, and Ratnagiri Refinery and Petrochemicals Ltd CEO Mukesh Surana, has been tasked with evaluating candidates for the prestigious role.
Despite the formation of a selection committee last year, the job advertisement for the new IOC chairman was published on June 4, marking the beginning of the selection process, as reported. The advertisement outlined specific criteria, stating that candidates must be employed in a regular capacity and should not be under contractual employment in any government, state, or private company as of September 1, the date of the vacancy. Additionally, candidates must be above 58 years of age if currently employed at Indian Oil, or 57 years if working elsewhere.
SM Vaidya, the incumbent chairman, is set to turn 61 in August. He retired last August as IOC chairman but was subsequently reemployed on a contract basis for another year in the same role. Despite a recommendation for a further one-year extension by the petroleum ministry prior to the general election, it was reportedly rejected by the prime minister’s office.
The search for a new chairman underscores the pivotal role of Indian Oil Corp in the energy sector and the significance of selecting a suitable candidate to lead the organization in the evolving landscape of the industry.
