The additional charge of chairman at Indian Oil has been given to Satish Kumar Vaduguri, director (marketing) at the firm, according to an order issued on Wednesday by the oil ministry.
Rajneesh Narang, director (Finance) at HPCL, will hold the additional charge of chairman and managing director at his company, according to a separate order. Both will take charge on September 1 and will continue in office for three months or until a regular incumbent is appointed, whichever is earlier.
Indian Oil Chairman S M Vaidya and HPCL chairman Push Kumar Joshi are set to retire at the end of this month. Vaidya was reemployed on contract as chairman immediately after his retirement last August. Joshi has been serving a regular term.
In the absence of a regular appointment, which is made by the Appointments Committee of the Cabinet (ACC), the administrative ministry has the authority to give additional charge of the CEO to the senior most director on the board for three months.
The government has found it hard to find successor for Vaidya and Joshi. It set up a search-cum-selection committee, which interviewed 12 candidates this month for the position of Indian Oil chairman but a final decision on appointment is yet to be made. Another search-cum-selection committee has been recently set up to pick a new HPCL chairman. This committee has just begun its task.
In June, the Public Enterprises Selection Board (PESB), the government headhunter, had rejected all candidates it interviewed for the top job at HPCL. This was the third instance of PESB turning down all applicants for CEO's role at a state oil firm after Oil and Natural Gas Corp (ONGC) and Indian Oil in the past three years.
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