Former Jindal hand, Sushil Maroo, appointed Essar Energy CEO

Former joint MD of JSPL replaces Naresh Nayyar

Essar Energy has announced the appointment of Sushil Maroo as chief executive officer (CEO) and director, following the decision of current CEO Naresh Nayyar to step down from the post. Nayyar would be appointed member of the Essar Corporate Centre, an oversight advisory committee. Both appointments were effective from September 16, a company statement said on Thursday. Both the posts would be based in Mumbai.

Maroo was deputy managing director and board member of Jindal Steel and Power Ltd (JSPL). He was also deputy managing director of Jindal Power Limited since 2008. Maroo’s exit from JSPL comes about a year after Ravi Uppal was appointed managing director of JSPL.

Maroo joined JSPL in 2001 and played a crucial role in the group’s financial planning and strategic growth. Earlier, he had worked with Hindustan Lever, Voltas (Tata Group), Nippon Denro Ispat (Mittal Group) and Chambal Fertilisers & Chemicals (Birla Group).

In a statement, Essar said the nominations and governance committee of the board had plans in place for the succession of board directors and other senior executives. The committee had been looking at various options after Nayyar, 62, indicated a desire to step back from day-to-day operations. He had, however, said he was prepared to hold the post until a replacement was identified.

Essar Energy Chairman Prashant Ruia said, “Maroo has a strong track record of business operations and providing strategic and financial advice across a number of industries.

His hands-on experience of the power business in India will be of great value to Essar Energy. Nayyar has provided excellent leadership to Essar Oil and Essar Energy over the last six years.” We are pleased he has agreed to continue to provide business performance support and guidance to Essar Energy in his new role with Essar’s Corporate Centre.”

Ruia said the company had seen massive growth through the last few years. He added as the business focus shifted to asset optimisation and strengthening the balance sheet, the company had in place a very strong management team to continue to deliver improved performance and value for stakeholders.