(BS)
The government has invited applications for the new chairman of Indian Oil Corporation (IOC), ending the uncertainty over continuance of incumbent Shrikant Madhav Vaidya. In an advertisement posted on its website, the Ministry of Petroleum and Natural Gas sought applications from engineers, chartered accountants and cost accountants with post graduate management degrees from leading institutions and having at least 5 years experience in leadership roles, by July 3. The age eligibility cut off has been set at not more than 58 years for internal candidates and 57 years for outsiders with 60 years as retirement age, it said.
Vaidya, who took over as the chairman of India’s biggest oil company on July 1, 2020, was to retire on August 31, 2023 when he attained the superannuation age of 60 years. But he was in a rare move “re-employment on a contract basis” for one year “beyond the date of his superannuation i.e with effect from September 1, 2023, till August 31, 2024,” according to an official order dated August 4, 2023.
Thereafter a three-member search-cum-selection committee was constituted to find who will head IOC after August 31, 2024. The panel is headed by the government headhunter Public Enterprises Selection Board (PESB) chairperson and includes the oil secretary and former Hindustan Petroleum Corporation Ltd (HPCL) chairman M K Surana as members.
