Indian Oil Corporation, the nation's largest oil refiner and retailer of fuels like petrol and diesel, has always been headed by a chairman not a managing director or CEO.
Most big listed companies globally are run by a managing director or CEO and a chairman presiding over the board of directors with the primary responsibility of protecting the interests of investors.
But, India's largest oil company Indian Oil Corporation (IOC) is an exception for never having a managing director or CEO in its 63 years of existence.
IOC, the nation's largest oil refiner and retailer of fuels like petrol and diesel, has always been headed by a chairman, who has also discharged the role of a managing director or CEO. But this is likely to change soon with the Oil Ministry agreeing to redesignate the top job as chairman and managing director, sources aware of the matter said.
The company has long been demanding for such a change to bring it on par with other large public sector and private firms. That demand has now been agreed to by the firm's parent administrative ministry and is now awaiting concurrence of the Ministry of Corporate Affairs (MCA), they added.