New Delhi: The government is planning to overhaul the board structure of Indian Oil Corp (IOC) by introducing four managing director (MD) positions, replacing the existing structure that has none, according to people familiar with the matter.India's largest refiner and fuel retailer currently has a sanctioned strength of eight functional directors, including an executive chairman, apart from independent and government nominee directors.Under the proposed restructuring, the oil ministry has suggested reducing the number of functional directors to five by abolishing separate director positions for human resources, pipelines and R&D. Functional directors are part of the company's executive management.The new structure would comprise an executive chairman and four managing directors responsible for finance, subsidiaries and alliances; refineries and pipelines; strategy, planning, business development, HR and R&D; and marketing, the people said.The ministry believes bringing the R&D function under the MD overseeing business development would help accelerate the commercialisation of innovations, they said. The proposal, which has been under discussion for several months, will require approval from the Appointments Committee of the Cabinet.
IndianOil set for board revamp as govt proposes four MD positions
The government plans to restructure Indian Oil Corporation's board. Four managing director positions will replace the current structure. Functional directors will be reduced to five from eight. This change aims to streamline operations and accelerate innovation. The proposal awaits approval from the Appointments Committee of the Cabinet.
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