BUSINESS
Cairn India chief executive Sudhir Mathur has resigned from the company, the fourth CEO to quit the firm since it was taken over by mining billionaire Anil Agarwal-led Vedanta Group seven years back.
Cairn India chief executive Sudhir Mathur has resigned from the company, the fourth CEO to quit the firm since it was taken over by mining billionaire Anil Agarwal-led Vedanta Group seven years back.
Along with Mathur, Pankaj Kalra, the chief financial officer of Cairn India, which is now a part of Vedanta Ltd after its merger with the parent, has also resigned, sources privy to the development said.
Mathur resigned about a month back and his resignation was made public only last week, the sources said. He is currently serving notice period which is technically up to May-end, but may leave the company by the end of April.
Kalra quit a couple of months back.
Prior to these resignations, Suniti Bhat, Director Oil & Gas and Member Executive Committee at the company, resigned about six months back which was followed by the firm's chief internal audit and risk assurance director Arup Chakraborty quitting the company.
A company spokesperson confirming the resignations said: "Such movements in management are part of natural evolution in any organization, and are in line with career aspirations and personal priorities of individuals.
"Having a strong and healthy leadership pipeline is the key in a high growth organisation like ours. We want to emphasise here that these movements are unconnected and have been spread over a period of time." Mathur did not answer phone calls made to seek his comments.
Mathur, 58, joined Cairn India in January 2013 and was named interim CEO when Mayank Ashar resigned as the chief executive of the company in May 2016.
He continued as interim CEO till the time Cairn India remained a separate listed company under Vedanta Ltd. He was elevated as chief executive officer of oil and gas business at Vedanta Ltd last year when Cairn India was merged with its parent Vedanta Ltd.
Sources said the company has named Ajay Dixit, who was CEO of aluminum and power divisions of Vedanta, to take over from Mathur in the interim period after his exit.
The resignations came within months of Vedanta winning 41 out of the 55 exploration blocks bid out in India's first bid round under open acreage licensing policy. Some in the industry saw its bids as an attempt to please the establishment as the bid round would have collapsed with state-owned explorers like ONGC and Oil India Ltd (OIL) putting limited bids and other private and foreign players staying out of the bid round.
They felt Vedanta had over-committed itself to not so prospective blocks and with a limited team.
Mathur is the fourth CEO to have quit the company since Vedanta completed the acquisition of Cairn India in December 2011.
Rahul Dhir, the company's first CEO who oversaw its listing and development of India's biggest oil discovery in Rajasthan, quit the company in August 2012. His successor P Elango resigned in May 2014, while the third CEO Mayank Ashar resigned in May 2016.
Elango's exit in 2014 had completed the exodus of the entire top management of Cairn India since Vedanta announced its intention in 2010 to buy a majority stake in the company from Scottish explorer Cairn Energy Plc.
Rick Bott, who was the executive director and the chief operating officer of Cairn India, quit on June 15, 2011. Indrajit Banerjee, executive director and chief financial officer, resigned with effect from August 23, 2011.
David Ginger, Cairn India's director of exploration and new ventures, quit shortly after that. Dhir put in his paper after the Cairn-Vedanta deal was completed.
Director, Commercial and New Business Ajay Gupta quit the firm in January 2013.
In February 2014, 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 had bought 58.8 per cent stake in Cairn India from British explorer Cairn Energy for USD 8.67 billion in August 2010 and the acquisition was completed in December 2011.
In April 2017, Cairn India was merged with Vedanta and delisted from the stock exchanges.
Darshan case: Karnataka HC reserves order on jailed actor's bail plea
DNA TV Show: Congress’ fresh allegations against SEBI chief Madhabi Puri Buch
Mukesh Ambani acquires another company after 3 years, it manufactures...
Hyderabad: Visually challenged couple lives unaware with son's body for 4 days
Noel Tata makes first major appearance since Ratan Tata's demise, seen at...
J-K: Light snowfall in higher reaches of Kashmir, IMD predicts cloudy weather for...
WATCH: Son gets Rs 3 lakh porn movie offer, his mom's reaction goes viral
Bigg Boss 18: Vivian Dsena's wife Nouran Aly gives stern warning to Karan Veer Mehra, says don't...
Bollywood’s biggest flop sold only 500 tickets, made at Rs 45 cr, it earned only…, it starred…
7th Pay Commission: Diwali GIFT for govt employees of this state, DA hiked by...
Instagram down: Users face issues while sending messages, say, 'Rehne do fir'
Bigg Boss 18: Nyrraa Banerji opens up on her 'love angle' with Shehzada Dhami, says 'both of us...'
Ahead of Diwali, Akshay Kumar donates Rs 10000000 in Ayodhya for...
Dhanteras 2024 Shubh Muhurat: Puja timings, vidhi and what to buy
Mukesh Ambani's company gets RBI approval, set to operate as an online...
Who is the richest kid of Mukesh Ambani and Nita Ambani? Is it Akash, Isha or Anant? Know here
Watch: Amazon Alexa launches Diwali rocket, viral video stuns internet
Dimple Kapadia reacts to being social media savvy like Zeenat Aman: 'If I’ll ever be....'
Amid affair rumours with Abhishek Bachchan, Nimrat Kaur requests everyone to...
Rising Trends In Fertility Due To Environmental Pollution
Andrew Spira's New Book: A Guide To Entrepreneurial Resilience
What Makes Furniture Truly Cosy?
Delhi NCR news: Delhi Police, NCB bust meth lab in Noida, 5 arrested
Good news for Gautam Adani on Dhanteras 2024, his flagship company's profit jumps to Rs...
IND vs NZ: Star bowler called up to India’s squad for 3rd Test, likely to make debut in Mumbai
Meet woman, who cracked UPSC exam on her first attempt at age 23, to become...
Amid Aishwarya Rai-Abhishek Bachchan divorce rumours, know what 'grey divorce' means
IND vs NZ: India’s another landmark record at stake in Mumbai Test vs New Zealand
Who is Sheikh Naim Qassem, the new chief of Lebanon's Hezbollah?
PM Modi launches health cover for senior citizens; know eligibility, how to apply here
Chhoti Diwali 2024: Know significance of celebration, shubh muhurat, rituals and more
College student jumps from 4th floor of hostel thinking he had...
'Not Saint, Sadhu or...': Jaya Kishori hits back at trolls slamming her for Dior bag
Aishwarya Rai’s remark on divorce plans with Abhishek Bachchan goes viral: ‘We don’t even…’
Sunita Williams sends Diwali wishes from space, here's what she said; watch
Diwali 2024 long weekend: Banks to remain closed for four days in THESE states, full list here
'Monopoly Bachao Syndicate': LoP Rahul Gandhi alleges 'nexus' among Adani Group, BJP and...
Good news for Indians, Russia to offer visa-free travel by...
Big trouble for Gautam Adani, SEBI slaps show-cause notice to Adani Power, shares price fall by...
Two killed, several injured in Metro construction site accident in Patna, probe underway
Mukesh Ambani's BIG Diwali gift, JioFinance app will now let you buy gold for just Rs...
Mukesh Ambani's JioSaavn's festive offer: 3-month subscription for just Rs...
Baba Siddique's son Zeeshan Siddique gets threat message; accused held from Noida
J-K attack: Army dog 'Phantom' dies in anti-terror operation, honoured for sacrifice
Glenn Maxwell reveals Virat Kohli blocked him on Instagram after...
Mukesh Ambani's Diwali gift to Reliance employees is a box of..., watch viral video
Fashion designer Ratul Sood passes away playing golf in Kolkata
UP govt announces big gift ahead of Diwali, all employees of THIS department to be made permanent
How can AI, ML skills help sharpen problem-solving abilities in children?
Kerala: Over 150 injured, 8 critical, in fireworks accident during temple festival
Ratan Tata's Rs 10,000 crore Will: Who gets what? Here's all the details
Delhi-NCR AQI today: Delhi air quality remains 'very poor' ahead of Diwali despite firecracker ban
Ex-Pakistani cricketer takes brutal dig at Rohit Sharma, calls India 'Kagaz se sher aur...'
Is stock market open or closed on Dhanteras? Know details here
Kunal Kamra accepts Bhavish Aggarwal's 'join Ola' offer, has THESE demands
Education ALERT: Avoid these courses at all costs, no job guarantees
Salman Khan can’t take his eyes off Aishwarya Rai in viral video, fans say ‘inki shaadi hoti toh…’
Ahead of Diwali and Chhath Puja, Railways to run 250 special trains from today: Check full list
Israel passes law banning UNRWA operations in country: What does that mean?
Happy Dhanteras 2024: Wishes, WhatsApp messages, quotes, greetings to share with your loved ones
Delhi traffic advisory issued for ‘Run For Unity’ today, check list of routes to avoid here
Amazon Great Indian Festival Sale 2024 ends today, don't miss these fantastic deals