V Satish Kumar given additional charge, takes over as IOC chairman

V Satish Kumar on Sunday took over as the chairman of the Indian Oil Corporation (IOC), the nation's largest oil firm.

Kumar, who is director (marketing) at IOC, was given additional charge of chairman following delays in finding a full-time chairman.

"He will concurrently serve as chairman while continuing in his role as Director (Marketing), a position he has held since October 2021," the company said in a statement.

He also held the additional charge of Director (Finance) for one year from October 2022, a period characterised by geopolitical tensions due to the Ukraine-Russia conflict.

With a career spanning 35 years, Kumar has served in various regions across the country and held key positions, leading IOC'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 Pvt Ltd, a joint venture between IOC and Petronas (Malaysia), and as non-executive chairman of Indian Oil Mauritius Ltd, a subsidiary of IOC.

"In his capacity as Director (Marketing), he ensured uninterrupted supplies of petroleum products across the various geographies even during the times of natural calamities or other disruptions, exemplifying the spirit of 'Nation First' and 'On Duty Always'," the statement said.

IOC's marketing division under his leadership ensured the highest ever physical performance year upon year in the last three years. During his tenure, the company embarked upon large scale modernisation of its retail outlets with new retail visual identity and setting up of new bottling plants, terminals and large retail outlets with wayside amenities on highways.

During this period, IOC emerged as a leader in sales of high octane and energy efficient fuels, green combo lubricants, composite LPG cylinders and 25 kg bitumen packs in the market for making products affordable and customer conveniences.

He led the marketing division in making aggressive forays and took leadership positions in marketing alternate and clean energy solutions like e-mobility, bio-fuel blends. IOC is the only oil company to market ethanol 100, AVGas 100 LL, and methanol blend diesel.

Prior to his appointment as Director (Marketing), Kumar held the position of State Head for Madhya Pradesh and Chhattisgarh.

As the 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. As chairman, he is poised to lead IOC with a vision of continued growth, sustainability, and global leadership in the energy sector, the statement added.