Saturday, July 19, 2014

15 things you need to know about IOC's new chairman B Ashok

IOC chairman B Ashok
B ASHOK who took over as the full-time chairman of Indian Oil Corporation (IOC) on July 16 is the Narendra Modi government's first major public sector appointment. IOC is India's largest PSU by sales with a turnover...
of Rs 4,73,210 crore and profit of Rs 7,019 crore for the year 2013-14. IOC is also the highest ranked Indian company in the latest Fortune 'Global 500' listing, as it ranked at the 96th position. With his vast experience in oil and refining realm for over 33 years, Ashok will playing a key role for the PSU till 2017. Here are 15 interesting things to know about this official.
1. The appointment of Ashok ended the uncertainty over leadership at India's biggest oil refiner and retailer. Ashok, 57, is the first insider to head IOC since March 2005 after MS Ramachandran retired on February 28 that year. Since then, the post was held by Sarthak Behuria, who moved from Bharat Petroleum, and RS Butola from ONGC Videsh Ltd. He was selected by the government's head-hunter on October 9 last year.
2. His appointment was uncertain as former PM Manmohan Singh refused to clear the appointment before demitting office, even though it had been cleared by all other members of the Cabinet's appointments panel.
3. A mechanical engineer from Madras University, Ashok was an executive director (marketing) in IOC. He has done stints in the lubricants and services division, general sales, Malaysia office as well as head of Karnataka and Kerala state offices.
4. He learned the legacy of the PSU from his father who too had served with the company. So, he was exposed to the company's businesses are expected stand him in good stead in tackling the challenges lying ahead for Indian Oil.
5. He will be heading a young board. Sanjeev Singh has taken over as director (refineries) on July 1. Next would be Debashis Sen, slated to take over as director (business development) in August, and A K Sharma, scheduled to take over as director (finance). All of them are contemporaries and would present a cohesive management force.
6. His immediate challenge would be to quickly start the Rs 32,000 crore Paradip refinery, stalled due to a range of issues beyond IOCs control.
7. But the bigger challenge would be the impending deregulation of diesel price, which is expected to bring back competition from private retailers such as Essar and Reliance.
8. He was also a strong contributor in Training and Development and Corporate Communications activities with several accomplishments to his credit besides experiences in Lubes and Technical Services. He will be in office till 2017.
9. He joined Indian Oil after a two year stint in the private sector and has over 31 years experience at Indian Oil Corporation Limited (IOC). He began his tenure in IOC in Lubes Technical Services in which he continued until 1991.
10. While he has established several benchmarks in IOC, some key initiatives include the innovation of pilfer proof Abloy locks for Tank Trucks, when he was the Divisional Manager at Coimbatore in 1997 and across the state Auto LPG Dispensing Stations in Kerala from 2004 to 2008. 'Total Look and Feel' and 'Highway networking' strategies, solar operated retail outlets and technological initiatives such as mobile applications mPower, XSparsh and XSnehash for officers, dealers and customers are some of his key innovations. His various initiatives have helped the users and the organization to improve productivity and profitability.
11. With strong global exposure, he also has headed the overseas business of Indian Oil in South-East Asia based at Kuala Lumpur, Malaysia and recently on Board of Lanka IOC.
12. An avid writer, he has presented papers in many national and international forums
13. His academic background has been helping him shuttling between the corporate world and working as a visiting faculty at management institutions in India.
14. Ashok has a wide experience in various roles of the Marketing Division and has also been a harbinger of the Business Development activities at its Corporate Headquarters. 
15. Was instrumental in laying the first footprints in overseas business, LNG and Petrochemicals. While serving as a Board Member in Lanka IOC, he was instrumental in its turnaround as a highly profitable venture and declaring a maiden dividend to the shareholders.

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