Indian Oil Corp looks for its next chairman as SM Vaidya’s extended term nears its end

The oil ministry is reportedly in the process of selecting a new chairman for Indian Oil Corp, hinting that SM Vaidya might not get another term at the end of his extended tenure. 

According to a report in The Economic Times, the process started on June 4, the day the results for the national elections were announced. As per the report, a search-cum-selection committee, comprising Public Enterprises Selection Board chairperson Mallika Srinivasan, oil secretary Pankaj Jain, and Ratnagiri Refinery and Petrochemicals Ltd CEO Mukesh Surana will evaluate the candidates for the role. 

The job advertisement for the new IOC chairman was published on June 4, even though a selection committee was formed last year. The process has begun only now, the report added. 

Candidates must be employed in a regular capacity and should not be in a contractual capacity in any government, state or private company as of September 1, which is the date of the vacancy, the job advertisement specified. The candidates must be older than 58 years if they work at Indian Oil or 57 years if they are employed with another company. 

The incumbent chairman, SM Vaidya would be 61 in August, and had retired last August as IOC chairman. He was then reemployed on contract for another year in the same role. Another one-year extension was recommended by the petroleum ministry ahead of the general election but it was rejected by the prime minister's office. 

The job advertisement specified that there is a possibility of the selection committee relaxing the eligibility, age and qualification/experience criteria.