State-run Indian Oil Corporation (IoCL) said on Sunday that V Satish Kumar, who is Director (Marketing), has been given the additional charge of Chairman.
Kumar’s elevation comes as the one-year extension given to S M Vaidya ended on Saturday. Vaidya, who took charge as IoCL Chairman in July 2020, retired in 2023, but was given a year’s extension.
“He will concurrently serve as Chairman while continuing in his role as Director (Marketing), a position he has held since October 2021. He also held the additional charge of Director (Finance) for a period of one year from October 2022, a period characterised by geopolitical tensions due to the Ukraine-Russia conflict,” IoCL said.
With a career spanning 35 years, Kumar has served in various regions across the country and held key positions, leading IoCL’s efforts to maintain its leadership in the marketing of petroleum products.
He has also gained extensive experience in engaging with multinational oil companies, serving as Non-Executive Chairman of Indian Oil Petronas, a joint venture between IoCL and Petronas (Malaysia), and as Non-Executive Chairman of Indian Oil Mauritius, a subsidiary of IoCL.
Prior to his appointment as Director (Marketing), he has held the position of State Head for Madhya Pradesh and Chhattisgarh. As State Head, he played a pivotal role in implementing key business initiatives such as the Direct Benefit Transfer for LPG consumers (DBTL), the Pradhan Mantri Ujjwala Yojana (PMUY).
Kumar is a Mechanical Engineer with a postgraduate degree in Management from the University of Ljubljana, Slovenia.