Elango: Stepping down
New Delhi, May 2: Cairn India’s interim CEO P. Elango has resigned citing “personal reasons”, less than two years since taking over the job and days after the prolific Rajasthan field delivered 200,000 barrels of oil equivalent (oil plus gas) a day.
However, sources suggest that the management’s indecisiveness about confirming him as the full-fledged CEO led to Elango’s exit.
Cairn India said chief financial officer Sudhir Mathur has taken over the additional responsibility of leading the organisation in the interim. The board has accepted the resignation of Elango, it said.
“The board expresses its appreciation for Elango’s significant contribution during his nearly 18 years association with the company. Under Elango’s leadership, Cairn delivered 200,000 bpd from the Rajasthan block and achieved record levels of financial revenue & profitability.
“Cairn India remains focused on realising the full potential of the Rajasthan block. Our immediate and medium-term priorities, therefore, are efficient execution of the key projects in hand,” the company said.
Cairn had seen a similar situation in August 2012. Just as Cairn India was settling down to a new management (Anil Agarwal’s Vedanta Group), managing director and CEO Rahul Dhir decided to step down to pursue “entrepreneurial interests”.
Cairn India had then said the search for Dhir’s successor was underway. The board had then appointed Elango — he was the director of strategy and business services and a member of Cairn India’s executive committee at that time — as the interim CEO.
With Elango, the entire top management of Cairn India has quit the company since Anil Agarwal-owned Vedanta bagged a majority stake in 2012.
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The company did not give a reason for the resignation, which comes less than four months after Gopalakrishnan took over additional responsibility as CEO following the departure of Garry Toomey in mid-January.
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