Outsider will be next IndianOil chairman and MD

Vol 16, PW 21 (16 May 13) People & Policy

Expect the next IndianOil chairman to be an outsider as not a single company director is eligible for the job.

PETROWATCH learns the oil ministry has approved the next IOC chairman’s job description and the PESB is set to advertise the post this month (May) or next (June). Wanted is a replacement for chairman RS Butola, 59, who retires on May 31 next year.

Eligible internal candidates must be no older than 58 and external candidates no older than 57. Candidates will get one month to send in CVs from the date of the advertisement.

But outsiders stand the best chance of winning, according to company sources. IOC director (research and development) RK Malhotra is safely ruled out as he retires in June 2014.

Director (refineries) RK Ghosh, director (planning and business development) AMK Sinha, director (marketing) Makrand Nene and director (finance) PK Goyal all retire next year (2014). Director VS Okhde can be eliminated as he has less than two years to retire.

Director human resources Sudhir Bhalla is the only eligible candidate but he is unwell, after slipping into a coma after a stroke in February 2012. Three IOC executive directors with over two years experience can also apply: executive director (finance-marketing) S.

Krishna Prasad, who joins subsidiary Chennai Petroleum as director finance from July 1; executive director (western region pipelines) Anish Aggarwal and executive director (retail sales) B. Ashok.

“But I don’t think the executive directors stand a chance,” says an observer. “An ED has to be a very strong candidate or very politically connected to win.