Prabhat Singh, Director (Marketing) GAIL, finally emerged victorious in the race of MD & CEO of LNG Petronet, India’s biggest liquid gas importer.
The Board of the company approved appointment of Prabhat Singh from among over a dozen candidates. Ashok Kumar Balyan, completed his five-year term on July 15 and was eligible for an extension till he attains the superannuation age of 65 years in July 2016 but after the govt chose not to give extension to him there arised the need for selection of new MD & CEO. After Balyan demitted the office R K Garg (Director, Finance) held the charge as acting CEO.
Reportedly, 12 candidates were in the race which included; C S Verma (former CMD, SAIL), Ashutosh Karnatak (Director, Projects, GAIL), Ashok Varma (Director, Onshore, ONGC), S P Garg (Director Finance, ONGC Videsh Ltd), R K Garg (Director Finance, LNG Petronet), Rajender Singh (Director, Technical, LNG Petronet).
After the Search Committee failed to make consensus in April 2015 new Petroleum Secretary, K D Tripathy (Ex-officio Chairman of LNG Petronet) decided to revert to the old system of choosing the MD & CEO of LNG Petronet through promoters instead of a Search Committee.