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BANGALORE: The country's largest aerospace company, Hindustan Aeronautics, will be undergoing a complete overhaul of its top management over the next five months, following the retirement of several of its senior executives. These senior executives are slated to step down beginning May. The management changes are coming at a critical time for HAL, which has been looking to step up and grab a larger slice of the lucrative Indian defence market.
The positions, which have been advertised on the website of the Public Enterprise Selection Board, the apex body responsible for the selection and placement of personnel in PSUs, include the appointment of director of finance for the Bangalore-based defence behemoth.
The appointment will be of particular significance for HAL, whose previous finance director, D Shivamurthy, stepped down rather suddenly from his post despite an extension in tenure.
"The office of the finance director has remained vacant since Mr Shivamurthy's exit. N.C. Agarwal, the director for design and development has been holding the post on an interim basis, but no permanent appointment has been made so far," a source within HAL told ET.
Incidentally, Agarwal, who oversees the Aircraft Design and Research Center (ARDC) -- a critical division of HAL -- is also scheduled to re-tire this year. ARDC works on the design and development of fixed-wing aircraft, including the Tejas light combat aircraft and the fifth-generation fighter aircraft being co-developed with Russia.
Shivamurthy was relieved of his post by the ministry of defence in the last week of February, immediately after Aero India 2011. It is note-worthy that during the event, the former finance director had announced that HAL was actively looking at a initial public offering (IPO), pending final approval from the central government -- a comment that was reportedly, not appreciated by HAL or the ministry of defence.
Following Shivamurthy's exit, HAL has remained tight-lipped about the sudden managerial change, only stating that the exit was solely due to the fact that Shivamurthy's application for an extension in ten-ure was not accepted by the defence ministry. HAL's current chairman-cum-managing director, Ashok Nayak, is also scheduled to step down in October.
Nayak, who took over as CMD of HAL in April 2009, has been at the forefront of affairs even as HAL has looked to consolidate its position as India's leading aeronautics company in the face of increased competition from the global defence vendors.
Preceding Nayak's exit will be that of the Bangalore complex managing director, D Balasundar. A number of HAL divisions including air-craft, overhaul, foundry and forge, engines, aerospace, airport services and limited series productions of Tejas and Sitara trainer come under the ambit of Bangalore complex MD.
The first in line to retire among HAL's top brass is the director for human resources R Srinivasan, whose term ends in May. V.N. Chamola, currently with sister PSU, Bharat Earth Movers, is expected to take over later in the month.
"I have not received the requisite orders from the government as yet, which will inform when I will take over the new post. Once I get that, I will be moving over," Chamola said.
Over the last one year, the company has signed critical agreements relating to the co-development of the Fifth-Generation Fighter Aircraft with Russia and is also expected to garner a significant portion of the offsets emanating from the $11-billion Medium Multi-Role Combat Aircraft (MMRCA) competition, among others.
HAL sees top-level change as senior executives retire - Economic Times
The positions, which have been advertised on the website of the Public Enterprise Selection Board, the apex body responsible for the selection and placement of personnel in PSUs, include the appointment of director of finance for the Bangalore-based defence behemoth.
The appointment will be of particular significance for HAL, whose previous finance director, D Shivamurthy, stepped down rather suddenly from his post despite an extension in tenure.
"The office of the finance director has remained vacant since Mr Shivamurthy's exit. N.C. Agarwal, the director for design and development has been holding the post on an interim basis, but no permanent appointment has been made so far," a source within HAL told ET.
Incidentally, Agarwal, who oversees the Aircraft Design and Research Center (ARDC) -- a critical division of HAL -- is also scheduled to re-tire this year. ARDC works on the design and development of fixed-wing aircraft, including the Tejas light combat aircraft and the fifth-generation fighter aircraft being co-developed with Russia.
Shivamurthy was relieved of his post by the ministry of defence in the last week of February, immediately after Aero India 2011. It is note-worthy that during the event, the former finance director had announced that HAL was actively looking at a initial public offering (IPO), pending final approval from the central government -- a comment that was reportedly, not appreciated by HAL or the ministry of defence.
Following Shivamurthy's exit, HAL has remained tight-lipped about the sudden managerial change, only stating that the exit was solely due to the fact that Shivamurthy's application for an extension in ten-ure was not accepted by the defence ministry. HAL's current chairman-cum-managing director, Ashok Nayak, is also scheduled to step down in October.
Nayak, who took over as CMD of HAL in April 2009, has been at the forefront of affairs even as HAL has looked to consolidate its position as India's leading aeronautics company in the face of increased competition from the global defence vendors.
Preceding Nayak's exit will be that of the Bangalore complex managing director, D Balasundar. A number of HAL divisions including air-craft, overhaul, foundry and forge, engines, aerospace, airport services and limited series productions of Tejas and Sitara trainer come under the ambit of Bangalore complex MD.
The first in line to retire among HAL's top brass is the director for human resources R Srinivasan, whose term ends in May. V.N. Chamola, currently with sister PSU, Bharat Earth Movers, is expected to take over later in the month.
"I have not received the requisite orders from the government as yet, which will inform when I will take over the new post. Once I get that, I will be moving over," Chamola said.
Over the last one year, the company has signed critical agreements relating to the co-development of the Fifth-Generation Fighter Aircraft with Russia and is also expected to garner a significant portion of the offsets emanating from the $11-billion Medium Multi-Role Combat Aircraft (MMRCA) competition, among others.
HAL sees top-level change as senior executives retire - Economic Times
