New Delhi: Vikas Kaushal on Monday took over as the Chairman and Managing Director (CMD) of Hindustan Petroleum Corporation Limited (HPCL), becoming the first private sector consultant to have got the top job at a blue chip public sector company.
Kaushal, 53, previously worked with management consultancy Kearney. He took over on March 17, a company statement said.
After studying chemical engineering from Panjab Unversity and MBA from IIM Ahmedabad, Kaushal has held different positions at Kearney since 2000 and advised leading state-owned oil and gas companies. This will be his first operational job.
"Kaushal started his career with ICICI Limited in Project Finance and Advisory Services before transitioning into global management consulting. Since 2000, he has been associated with Kearney (previously known as A.T. Kearney), where he played a pivotal role in expanding the firm's business in India.
"As a Partner for over 17 years, he led several high-impact initiatives, including serving as the Global Leader for Energy and Process Industries, where he managed a portfolio of major global energy clients, including international oil and gas majors. He also held the role of Managing Director and Country Head for A.T. Kearney India for five years and was Chairman of India Business until recently," the statement said.
This is the first time that a private sector consultant has been appointed head of a bluechip public sector company.
The appointment comes amidst the government's struggle to find suitable heads from within the organisations.
Kaushal was picked for the job by a search-cum-selection committee. This after government headhunter PESB failed to find anyone suitable for the job in interviews done in June last year.
The Public Enterprise Selection Board (PESB) had interviewed eight candidates, including a director on the HPCL board and managing director of Indraprastha Gas Ltd, for the post but rejected them all.
While the PESB selections are based on a set criteria of education and experience, a search-cum-selection committee can cast is net wide. Unlike PESB, which can recommend a candidate only from the ones who have applied for the job, a search-cum-selection panel has the liberty to invite anyone who it deems fit.
The search-cum-selection panel comprises three members -- PESB chairman, oil secretary and an independent expert.
Kaushal had applied for the HPCL job when PESB had advertised the post last year.
HPCL's top post has been vacant since August 31, 2024, when Pushp Kumar Joshi superannuated.
"A two-time elected member of Kearney's Global Board of Directors, Kaushal has also chaired the finance and audit and governance committees of the board, bringing extensive leadership in strategic planning, corporate governance, and financial management," the statment said.
"With deep expertise in oil and gas, power, renewables, and new energies, Kaushal has been a trusted advisor to India's leading state-owned oil and gas companies, including HPCL."
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