Corporation Bank gets new chief
Mumbai: Mr. K Cherian Varghese, currently executive director, Central Bank of India, has been appointed as the new chairman of the Mangalore-based Corporation Bank. The appointment is for a five-year term.

Mr. Varghese replaces Mr. R S Hugar, who retired from the bank.

Mr. Varghese, who began his career with Indian Bank as a probationary officer in 1970, was promoted to the post of general manager in 1996. During his tenure in the Chennai-headquartered Indian Bank, Varghese was deputed to head The South Indian Bank which was going through a troubled phase. Under his charge, the troubled bank posted a turnaround.
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Essar Oil gets new chief executive
Mumbai: The Essar-group oil company, Essar Oil, announced that Mr. Jagdeesh M Mehta will take over as managing director and chief executive officer (CEO). Mr Mehta succeeds Mr RK Sukhdevsinghji, who has now taken over as the resident director of the Essar group.

Prior to this, Mr Mehta was the managing director of Mangalore Refineries and Petrochemicals (MRPL), where he served a 10-year stint. Mr Mehta has been responsible for the setting up and running of MRPL's grass-root refinery at Mangalore.

The company also made other additions to its board. Mr KN Venkatasubramanian, former chairman of Indian Oil Corporation (IOC) and Engineers India (EI) and IFCI senior wholetime director Tapan Ganguli. Mr Ganguli brings with him over two decades of varied experience in finance and projects, have been appointed as independent directors on the board. The strength of the Essar Oil board thus goes up to 13 directors.

Essar Oil is setting up a 10.5 million ton oil refinery at Jamnagar at an estimated cost of Rs 8,000 crore for which the company has received sanctions from financial institutions (FIs).
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