Former Kearney India head Vikas Kaushal named Hindustan Petroleum CMD

Kaushal to be the first head of a state-owned oil major from the private sector, to take an 80 per cent pay cut

The Appointments Committee of the Cabinet on Friday named Vikas Kaushal, global leader for energy and process industries at Kearney, as the new chairman and managing director (CMD) of Hindustan Petroleum Corporation Limited (HPCL). Kaushal will be the first lateral entry from the private sector into a top role at any public sector oil and gas firm.

 

He had earlier been the country head and managing director of Kearney India, the Indian arm of the management and advisory consultancy firm, for five years until 2019. He has now taken an 80 per cent pay cut for his new role, government sources said. Kaushal’s pay scale will be Rs 2 lakh-Rs 3.7 lakh (IDA) for a period of five years with effect from the date of his assumption of charge of the post, or until further orders, whichever is earlier, a government order said.

 

Kaushal has been the only Indian ever to serve on Kearney’s Global Board of Directors, where he completed two full terms. He has also served as chair of the finance, audit, and governance committees and worked with all major global oil and gas firms.

 

The CMD post at HPCL has been vacant since August 1, 2024, after the retirement of then CMD Pushp Kumar Joshi. Director (Finance) Rajneesh Narang had held the additional charge since then. The government attempted to pick Joshi's successor through the Public Enterprises Selection Board (PESB) multiple times, beginning March last year. At least nine candidates appeared before the PESB for selection interviews. The board did not find a suitable candidate and recommended the search-cum-selection route.

 

As part of earlier projects, he spearheaded and established the Centralised Procurement Office at HPCL and led HPCL’s petrochemical diversification strategy and implementation support. Kaushal has also worked on several key digital transformations, refinery maintenance, and net-zero strategy initiatives for Indian Oil Corporation Ltd (IOCL) and Bharat Petroleum Corporation Ltd (BPCL).