New Delhi: As the search for permanent leadership at India's top oil companies continues, the government has appointed interim chairpersons for Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation Ltd (HPCL).

Satish Kumar Vaduguri, currently serving as Director (Marketing) at IOC, has been named the interim chairman of the corporation for a three-month period beginning on 1 September 2024. Vaduguri takes over from Shrikant Madhav Vaidya, who will conclude his extended term at the end of August.

In a similar move, Rajneesh Narang, Director (Finance) at HPCL, has been appointed as the interim chairman and managing director of HPCL. His tenure will also commence on 1 September 2024 and will last for three months.

The Public Enterprises Selection Board (PESB) has constituted search-cum-selection committees to identify suitable candidates to permanently head both IOC and HPCL. The committees consist of three members, including the PESB chairperson, the oil secretary, and M. K. Surana, former chairman of HPCL.

The selection process has been progressing, with the panel interviewing nearly a dozen candidates on 11 August. Among the candidates is Sandeep Gupta, the former Director (Finance) at IOC and the current chairman and managing director of GAIL. His name is now under review by the Appointments Committee of the Cabinet.

Vaidya, who took the helm of IOC on 1 July 2020, was initially set to retire on 31 August 2023 upon reaching the retirement age of 60. His tenure was extended, making him the first chairman of a Maharatna PSU in recent years to receive an extension beyond the age of superannuation.

In the case of HPCL, the panel has recently issued a call for applications to fill the chairman and managing director position permanently. /BI