Nayara Energy has announced that Prasad K. Panicker, Director and Head of Refinery would be taking over the responsibility of Chairman of the company with effect from October 3, 2022.

Prasad K. Panicker will take on this important role from Charles Anthony (Tony) Fountain, whose five years of dedicated service have been marked by significant improvements in the level of performance and financial position of the company. Despite a very challenging external environment, Nayara Energy has developed a clearly articulated strategy for a phased expansion into petrochemicals. The first phase of that development plan, the expansion into polypropylene, will be delivered next year.

Under the guidance of Fountain, the company has established highly effective corporate governance systems, enhanced its external reputation and put in place a very strong executive team under the leadership of a highly experienced CEO, Dr. Alois Virag.

Nayara Energy wants to thank Fountain for his important contribution to steer the company through some of the most challenging of economic cycles.

Fountain said, “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."

At the new stage of its growth journey, Nayara Energy would focus on implementation of its cutting-edge asset development program 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.

In his new role, Panicker will deploy his outstanding technological experience and excellent knowledge of the local Indian market to lead Nayara Energy through a new set of strategic priorities with strong focus on development projects.

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 program.