After having interim company heads for more than two years, Cairn India today announced appointment of Mayank Ashar as the Managing Director and Chief Executive Officer (CEO).
Cairn has been without a full-time CEO since its long-standing head Rahul Dhir quit in August 2012. The Vedanta Group controlled firm first appointed P Elango as Interim CEO and after he resigned in May, Sudhir Mathur, the chief financial officer, was given additional charge of interim CEO.
The company in a statement said its Board has approved the appointment of Ashar with effect from November 17.
"Ashar brings with him more than 36 years of rich and diverse experience in the international oil and gas industry.
"In his earlier assignments, he has served in various senior management and top leadership roles in global organisations like British Petroleum, Petro-Canada and Suncor Energy," the statement said.
He also served as the Chief Executive Officer & President at Irving Oil Limited. He holds a Bachelors of Art & Science in Chemical Engineering, a BA in Philosophy and Economics, a Masters of Engineering and an MBA from the University of Toronto.
While with Elango's resignation the entire senior team of Cairn Energy, the former parent of Cairn India, had exited since Vedanta Resources Plc took control in 2010.
Elango was the second senior executive that Vedanta lost across its Indian businesses this year. P K Mukherjee, the executive director of Sesa Sterlite Ltd's iron ore business, resigned on March 28.
Navin Agarwal, Chairman, Cairn India said: "Mayank has a strong track record of executing corporate strategy, driving operational efficiency and delivering value to all stakeholders."
His appointment, he said, comes at a critical phase when Cairn India is focused on delivering the next level of growth from its world-class Rajasthan asset and other assets.
"We are confident that Mayank's unique blend of extensive oil and gas experience, leadership, organisational ability and business acumen will play a critical part in achieving Cairn India's vision of sustained growth," he said.
Ashar said Cairn India has built a niche for itself in a short span of time. "I am looking forward to working closely with the team. Together, I believe we can make significant contribution towards taking this world class organisation to new heights.
