The Hindu Business Line : Petronet board to pick new CEO

PETRONET LNG Ltd, a joint sector company floated by four public sector oil companies, has said that the appointment of its new CEO and Managing Director will be made by the board.

"The appointment will be made by the Board of Directors in the best interest of the company and its shareholders and in accordance with the Articles of Association of the Company," PLL said in a statement issued here.

The tenure of the present CEO and MD, Mr Suresh C. Mathur, ends on March 31 and the Petroleum Ministry has appointed a search committee to identify a replacement.

But the Ministry, through a letter dated January 28, changed the rules reducing the retirement age of all directors of the company board to 60 years from 65 years and also decreed that an IAS officer of the rank of Joint Secretary was eligible to be posted as CEO and MD of PLL on deputation basis.

This was a departure from the practice that an IAS officer has to quit government service if he is to move to a public sector firm. Petronet is registered as a private firm and has, till now, been board-managed by professionals.

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Petronet board to pick new CEO