On Monday, March 17, Mr. Vikas Kaushal took over as the Chairman and Managing Director (CMD) of Hindustan Petroleum Corporation Limited (HPCL), making history as the first private sector consultant to assume the top position at a prestigious public sector company.
Mr. Kaushal, 53, previously worked with global management consultancy Kearney, where he spent over two decades advising leading state-owned oil and gas companies. This appointment marks his first operational role.
Career Background
Mr. Kaushal holds a degree in Chemical Engineering from Panjab University and an MBA from IIM Ahmedabad. His career began at ICICI Limited in Project Finance and Advisory Services, before transitioning to management consulting. Since 2000, he has been associated with Kearney (formerly A.T. Kearney), where he played a pivotal role in expanding the firm’s operations in India. He also served as a Partner for over 17 years and was the Global Leader for Energy and Process Industries, managing major global energy clients, including international oil and gas giants.
Mr. Kaushal’s leadership extended to managing A.T. Kearney’s operations in India, where he served as Managing Director and Country Head for five years and was Chairman of India Business until recently.
Appointment Process
Mr. Kaushal’s appointment follows a selection process led by a search-cum-selection committee, after the Public Enterprise Selection Board (PESB) failed to find a suitable candidate in interviews held in June last year. Despite interviewing eight candidates, including senior officials from HPCL and Indraprastha Gas Ltd, the PESB did not recommend anyone for the position.
Unlike PESB, which is limited to selecting from applicants, the search-cum-selection committee can invite candidates from a wider pool. The committee is composed of the PESB chairman, the oil secretary, and an independent expert.
HPCL’s top post has remained vacant since August 31, 2024, following the superannuation of Mr. Pushp Kumar Joshi.
Leadership Expertise
Mr. Kaushal’s appointment comes at a time when HPCL and other state-owned oil and gas companies are navigating significant challenges. With extensive expertise in oil, gas, power, renewables, and new energies, Mr. Kaushal is well-positioned to lead HPCL into the future. His leadership experience, including his role on Kearney’s Global Board of Directors and his chairmanship of the finance, audit, and governance committees, has equipped him with the skills necessary for strategic planning, corporate governance, and financial management.
Mr. Kaushal has been a trusted advisor to India’s leading oil and gas companies, including HPCL, and his new role is expected to bring fresh vision and direction to the company.
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