Nayara Energy on Saturday announced the appointment of Prasad K Panicker, the director and head of refinery, as its chairman, effective October 3.
Panicker will succeed Charles Anthony (Tony) Fountain, whose five years of service have been landmarked by significant improvements in the level of performance and financial position of the company. Despite a challenging external environment, Nayara Energy said it has developed an articulated strategy for a phased expansion into petrochemicals. The first phase of that development plan, the expansion into polypropylene, will be delivered next year.
“I am deeply proud of what has been achieved at Nayara, and it has been a privilege to work with the Board in achieving this. Given the much-improved position of the company and after five years, now is the right time to hand on to a new leader to work with the management team and Board to deliver the next exciting phase for the company”, said Fountain.
Nayara Energy said that it would focus on implementation of its cutting-edge asset development programme to transform itself into an integrated petrochemical producer, while continuing thoughtful implementation of its ESG initiatives, with strong impact on employees and local community well-being, and environmental sustainability.
Panicker will also continue with his critical leadership role as head of refinery, which will support hands on implementation of Nayara Energy’s ambitious development programme, the company said.