Kumar replaces Garg as Petronet-LNG dir. fin

Vol 20, PW 19 (15 Jun 17) People & Policy
     

Finally, there's hope that instead of selecting internal candidate Pankaj Wadhwa, Petronet LNG has gone for a non-controversial choice and selected ONGC group general manager Subhash Kumar as its new director finance to replace RK Garg.

"Kumar was selected after interviews (on May 7, 2017)," reports a source. Another source confirms: "Yes, it's true, Kumar has been selected." When contacted by this report, Kumar said: "I have also heard that I have been selected but I have not yet received any formal confirmation." Asked about priorities if his selection is confirmed, Kumar added: "First I need to thoroughly understand Petronet-LNG; this is new terrain for me." Based in Delhi, Kumar joined ONGC in 1985 and holds the position of GGM chief commercial and head of treasury.

For 15 years from 2001-16, he worked at ONGC's overseas arm OVL and spent a sizeable chunk of time in Bogota overseeing the company's Colombian portfolio. Other than handling finance at Petronet-LNG, which clocked revenues of Rs27,303cr ($4bn) in 2015-16, Kumar will also handle commercial matters and manage the company's relationship with LNG suppliers, particularly RasGas.

He is expected to formally join the Board on July 20 (when Garg steps down) on a hefty annual salary of Rs70 lakhs ($107,000) plus benefits. Other than Kumar, Petronet-LNG received 82 CVs by the March 21 deadline.

Of these, 20 were shortlisted, among them senior Petronet-LNG VP finance Pankaj Wadhwa.

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