PSU's dilemma

Today reading an article in ET about ONGC's CMD being declared not fit memorised me the older days of my working in one of the PSU of Department of Atomic Energy. Though at that time the victim post was station level post rather than CMD's level post. I doubt how PSU's will even catch up with private sector if things will go like this. We (When part of an PSU) still say we have created record of achieving something that was never achieved but deep down my heart i know how much early that could have been achieved( so actually we were late). Wise people suggest me "work in the system work for the system". But which "system". System should be System at least. Coming back to ONGC's CMD news the vaccum created gives very bad signal not only the present employees in the organisation but also future aspirants. I being pursuing Management Program at one of the premier B school can very well gauge mood among the prospective employees, they are not at all looking towards PSU. PSU dont get takers at B schools. How long PSU's will survive with out infusion of young and managerial talent. On the other hand see how B school aspirants are lapping job offers from Reliance, Aditya Birla Group , Essar group, Tata Group, Jindal group etc. There is no concept of succession planning at PSU because till the time I am at top I will keep on trying to extend my tenure as long as possible. I dint see any wrong in extension per se if they are backed by performance rather Previous ONGC's CMD exit was premature by any standard he could very well have been given extension but then extension has to be decided based on meritocracy and not based on how many times you have raised voiced against. With my limited experience both in PSU and MNC I could really figure out the difference at least in terms of succession planning. With PSU succession planning is an alien concept but this is very well planned in MNC. Even the likes of GE's Jack welch used to have succession plan in line and proper grooming is carried out not for months but for years. Many Indian conglomerates have started succession planning these day. Leadership programmes are nuances of succession planning only. Hope things will improve or at least so called systems of inefficiency will see the sun of privatisation.