Indian Oil to designate Chairman as Managing Director also

9 Jan 2023 , 12:31 PM

Most large publicly traded companies in the world are led by a managing director or CEO, with a chairman presiding over the board of directors and having the primary responsibility of protecting investors’ interests.

However, India’s largest oil company, Indian Oil Corporation (IOC), is an exception, for not having a managing director or CEO in its 63-year history.

Indian Oil Corporation has always been headed by a Chairman who has also acted on behalf of a managing director or a CEO. But, the sources state that this is likely to change soon as the Oil Ministry has reportedly agreed to designate the top job as Chairman and Managing Director.

IOC has been demanding such a change for too long so to stay at par with other large public sector and private firms.

They highlighted that the demand has now been agreed to by the firm’s parent administrative ministry and is awaiting approval from the Ministry of Corporate Affairs (MCA).

Shrikant Madhav Vaidya is the current chairman of IOC, and there are seven functional directors in charge of finance, marketing, human resources, pipelines, refining, planning and business development, and R&D.

At around 12.28 PM, IOCL was trading at Rs79.90, down by 0.19% against the previous close of Rs80.05 on NSE.

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