Cairn India’s interim CEO P. Elango quits1 min read . Updated: 02 May 2014, 05:25 PM IST
P. Elango quits for personal reasons; current CFO Sudhir Mathur takes over additional charge as interim CEO
The move comes as a surprise since Elango 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 within the company.
In a notice to BSE, Cairn India said that Elango had quit for personal reasons and Sudhir Mathur, the current chief financial officer of Cairn India, had taken over additional charge as interim CEO.
Elango had been the interim CEO since August 2012 when the company’s earlier CEO Rahul Dhir left to pursue entrepreneurial aspirations.
Before Dhir’s exit, Elango served as the director for strategy and business Services. His elevation, post Dhir’s exit, was an interim arrangement.
Cairn India, under the leadership of Elango, had targeted doubling of its output from the Rajasthan fields in three years, but had projected no increase in the output for FY15. The projections were revealed by Elango on 23 April during an earnings call with analysts.
According to a PTI report, with Elango’s exit, the entire senior team of Cairn Energy, the former parent of Cairn India, has now exited since Vedanta Resources Plc. took control in 2010.
“He was a business-minded person and was always very flexible...he managed the transition from being a Cairn Energy company to a Vedanta company very well," he said.
ONGC is the 30% partner in Cairn’s flagship oil and gas block in the Barmer basin in Rajasthan.
Cairn India, in a statement to the stock exchanges, said Tom Albanese, CEO of Vedanta Resources, and Mike Yeager, chairman, operations review board, Cairn India, will continue to work closely with the leadership team in managing the business under the guidance of the board.
“Cairn India remains focused on realizing the full potential from the Rajasthan block. Our immediate and medium-term priorities therefore are efficient execution of the key projects in hand," the notice said.
With Elango’s exit, Vedanta Resources has lost two senior executives across its Indian businesses in the last two months. P.K. Mukherjee, the executive director of Sesa Sterlite Ltd’s iron ore business, resigned on 28 March.