Prasad resigns as CEO of Prize

Vol 11, PW 19 (07 Feb 08) News in Brief

HPCL upstream subsidiary Prize Petroleum will soon by without a CEO.

Last month Prize chief Dr. MN Prasad resigned to pursue â€کother’ opportunities.

Contacted by this report, Prasad refuses to disclose the name of his next employer. “It is a mid-sized exploration company,â€‌ he tells us.

“I will be the new CEO.â€‌ This report learns the Prize board is yet to â€کrelease’ Prasad.

“HPCL is putting pressure on him to stay,â€‌ says a source. “They say his resignation must wait till the next board meeting.

â€‌ Prasad, however, has made up his mind to go and is pushing for the board to meet sooner. Two names are seen as his possible successor: SP Singh, general manager (exploration) in Delhi and KSR Prasad, executive director (joint ventures) in Mumbai.

HPCL director human resources Vizia Saradhi was unaware of Prasad’s resignation, when contacted by this report. “I was not aware till you told me,â€‌ he said.

“No one is indispensable; an alternative will be found to run the company.â€‌

LNG Summit