NEW DELHI: The government has appointed Vikas Kaushal as the Chairman and Managing Director (CMD) of Hindustan Petroleum Corporation Limited (HPCL) for a five-year term.
The 53-year-old Kaushal, who previously served as the global leader for energy and process industries at Kearney, is the first private sector executive to head a state-run oil refinery. It is to be noted that in recent years, the government has struggled to appoint heads for several public sector companies, including the Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation Ltd (IOCL), and Bharat Petroleum Corporation Ltd (BPCL). For instance, in December 2022, the government appointed retired BPCL chairman Arun Singh as the CEO of ONGC.
The government is also in the process of selecting a new CMD for BPCL, as the incumbent, G. Krishnakumar, will retire as chairman and managing director on April 30 this year.
According to the Appointments Committee of the Cabinet, the pay scale for Vikas Kaushal will be between Rs. 2,00,000 and Rs. 3,70,000 (IDA) per month for a period of five years, effective from the date he assumes charge of the post, or until further orders, whichever is earlier.
Kaushal has previously been an advisor to the leadership of HPCL, Indian Oil, BPCL, and GAIL. According to the petroleum ministry, Vikas Kaushal is a seasoned global leader with over three decades of experience in the energy, oil & gas, and power sectors.
A graduate of Panjab University, he also holds an MBA from the Indian Institute of Management (IIM), Ahmedabad. Kaushal has reportedly taken an 80% pay cut to assume this role. He was elected twice to Kearney’s Global Board of Directors, serving two full terms (the maximum allowed under Kearney's board structure). He has also served as Managing Director and Country Head for Kearney India for five years.