Cairn India CEO P Elango quits
NRI billionaire Anil Agarwal-controlled Cairn India on Friday suddenly announced the exit of its interim chief executive officer P Elango. Elango, was named interim chief executive in August 2012 when the firm’s face Rahul Dhir resigned.business Updated: May 02, 2014 22:25 IST
NRI billionaire Anil Agarwal-controlled Cairn India on Friday suddenly announced the exit of its interim chief executive officer P Elango.
Elango, who was named interim chief executive in August 2012 when the firm’s face Rahul Dhir resigned, cited “personal reasons” for the decision to step down, Cairn said in a statement.
However, the industry sources said the move was on the cards as Elango was not being confirmed as full time CEO for two years.
Cairn said the company board has accepted Elango’s resignation and added Sudhir Mathur, CFO, has taken over the additional charge as interim CEO.
With Elango, the entire top management of Cairn India has quit the company since Agarwal-owned Vedanta in 2010 announced buying majority stake in the firm from Scottish explorer Cairn Energy Plc.
Rick Bott, who was executive director and COO of Cairn India, quit the firm on June 15, 2011, while its executive director and CFO Indrajit Banerjee resigned with effect from August 23, 2011.
David Ginger, Cairn India’s director of exploration and new ventures, quit the firm shortly after that and Dhir put in his paper after the Cairn-Vedanta deal was completed. Company’s director, commercial and new business Ajay Gupta quit the firm in January 2013.
In February this year, Sundeep Bhandari, the man credited with laying the foundation and then building what is now Cairn India, quit the company. He along with Dhir, Bott, Banerjee and Ginger ran the firm before Vedanta took over.
Vedanta completed the $8.67 billion acquisition of Cairn India in December 2011. Mathur came in from Aircel after Dhir quit.
The move came as a surprise as Elango, under whom Cairn touched 200,000 barrels per day of output from its showpiece Rajasthan oilfields, was widely tipped to become the full-time CEO of the company.
Last year, Elango was given a 40% hike in salary, suggesting that he would be taking on a larger role but promoter group continued him as interim CEO.