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After waiting in the wings as interim chief executive of Anil Agarwal-led Cairn India Limited for two years, P Elango has quit citing personal reasons.
The former Oil and Natural Gas Corporation executive had taken charge in August 2012 after Rahul Dhir.
Elango was with Cairn India for 18 years and was initially involved with their Ravva field off Andhra Pradesh.
Increasing speculation he might become full-time chief executive, the company had given a 40 per cent rise to his salary last year. The board has accepted the resignation and made Chief Financial Officer Sudhir Mathur the new interim chief executive.
Agarwal had completed the acquisition of Vedanta in December 2011.
In a statement, the company added that Tom Albanese, CEO, Vedanta Resources Plc 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.
Navin Agarwal, chairman, Cairn India, said, “Elango has had a successful stint at Cairn. He leaves Cairn India in the hands of a strong technical and business organisation. Cairn India has a terrific future and I am confident that Sudhir Mathur and the team will steer the organisation to realise its true potential.”
Elango had started his career with ONGC after completing his management degree from Annamalai University. It was in 1996 that he joined Cairn Energy as part of its core team.
During the period till 2012, he served the company in various roles, including business services, strategic growth , corporate social responsibility, commercial and new business.
