R S Sharma is new CMD of ONGC

Mumbai: The selection of R S Sharma, acting chairman and managing director of ONGC, has been finalised as the successor to Subir Raha. The Public Enterprise Selection Board (PSEB) has named Sharma, the acting CMD and also director (finance), as its first choice for the post, which fell vacant in May.

A K Hazarika, director (on shore), was the second choice of the elite selection panel while oil regulator V K Sibal did not turn up for the interview.

Sharma, 55, is a recipient of the India CFO Award 2005, a fellow member of the Institute of Cost and Works Accountants of India and an associate member of the Indian Institute of Bankers.

He won praise for putting together a comprehensive insurance policy for ONGC''s assets at a substantially reduced premium. He is also being credited for his man management and crisis management skills and

He also successfully coordinated efforts at the company''s flood-hit Hazira gas unit which was up and running in less than two weeks.