Cairn India's Rahul Dhir steps down

on Wednesday said Managing Director and Chief Executive Officer (CEO) had quit the company to pursue “entrepreneurial interests”. Dhir, the face of Cairn India since the company was listed in early 2007, quit eight months after Vedanta completed the acquisition of the company.

He, however, would be in office till the end of this month.

“The search for Dhir’s successor is underway and an announcement is expected soon. During this intervening period, the board has appointed

P Elango, director (strategy and business services) and a member of Cairn India’s executive committee, as interim CEO. Elango, an experienced oil & gas veteran, has been with Cairn for over 15 years,” the company stated.

On June 15, 2011, had quit as Cairn India executive director and chief operating officer, while Indrajit Banerjee had resigned as executive director and chief financial officer with effect from August 23, 2011. Recently, had quit as Cairn India’s director of exploration and new ventures.

Early this year, Dhir had raised Rs 51.26 crore by selling 2.24 million stock options. As on March 31, he was among the company’s top 20 shareholders, with 0.18 per cent equity holding, valued at about Rs 114 crore.

It is unclear if Dhir’s exit violates the preconditions set by the government for Vedanta Group’s takeover of Cairn India. Among other conditions, the government had stated would have to retain Cairn India’s management team for three years.

Dhir, 46, a Wharton graduate and an India-born British national, had joined Cairn in 2006. Earlier, he headed the energy and power investment banking business at Merrill Lynch.

“We have achieved all major milestones set at the time of the IPO (initial public offering). With the completion of Vedanta’s acquisition, Cairn India’s exceptional organisation and unique asset base are well placed to continue to deliver sustainable growth and value for our nation and all our stakeholders. This is the right transition point for me to pursue my entrepreneurial interests,” Dhir said.

image
Business Standard
177 22
Business Standard

Cairn India's Rahul Dhir steps down

BS Reporter  |  New Delhi 



on Wednesday said Managing Director and Chief Executive Officer (CEO) had quit the company to pursue “entrepreneurial interests”. Dhir, the face of Cairn India since the company was listed in early 2007, quit eight months after Vedanta completed the acquisition of the company.

He, however, would be in office till the end of this month.

“The search for Dhir’s successor is underway and an announcement is expected soon. During this intervening period, the board has appointed

P Elango, director (strategy and business services) and a member of Cairn India’s executive committee, as interim CEO. Elango, an experienced oil & gas veteran, has been with Cairn for over 15 years,” the company stated.

On June 15, 2011, had quit as Cairn India executive director and chief operating officer, while Indrajit Banerjee had resigned as executive director and chief financial officer with effect from August 23, 2011. Recently, had quit as Cairn India’s director of exploration and new ventures.

Early this year, Dhir had raised Rs 51.26 crore by selling 2.24 million stock options. As on March 31, he was among the company’s top 20 shareholders, with 0.18 per cent equity holding, valued at about Rs 114 crore.

It is unclear if Dhir’s exit violates the preconditions set by the government for Vedanta Group’s takeover of Cairn India. Among other conditions, the government had stated would have to retain Cairn India’s management team for three years.

Dhir, 46, a Wharton graduate and an India-born British national, had joined Cairn in 2006. Earlier, he headed the energy and power investment banking business at Merrill Lynch.

“We have achieved all major milestones set at the time of the IPO (initial public offering). With the completion of Vedanta’s acquisition, Cairn India’s exceptional organisation and unique asset base are well placed to continue to deliver sustainable growth and value for our nation and all our stakeholders. This is the right transition point for me to pursue my entrepreneurial interests,” Dhir said.

RECOMMENDED FOR YOU

Cairn India's Rahul Dhir steps down

Cairn India on Wednesday said Managing Director and Chief Executive Officer (CEO) Rahul Dhir had quit the company to pursue “entrepreneurial interests”. Dhir, the face of Cairn India since the company was listed in early 2007, quit eight months after Vedanta completed the acquisition of the company.

on Wednesday said Managing Director and Chief Executive Officer (CEO) had quit the company to pursue “entrepreneurial interests”. Dhir, the face of Cairn India since the company was listed in early 2007, quit eight months after Vedanta completed the acquisition of the company.

He, however, would be in office till the end of this month.

“The search for Dhir’s successor is underway and an announcement is expected soon. During this intervening period, the board has appointed

P Elango, director (strategy and business services) and a member of Cairn India’s executive committee, as interim CEO. Elango, an experienced oil & gas veteran, has been with Cairn for over 15 years,” the company stated.

On June 15, 2011, had quit as Cairn India executive director and chief operating officer, while Indrajit Banerjee had resigned as executive director and chief financial officer with effect from August 23, 2011. Recently, had quit as Cairn India’s director of exploration and new ventures.

Early this year, Dhir had raised Rs 51.26 crore by selling 2.24 million stock options. As on March 31, he was among the company’s top 20 shareholders, with 0.18 per cent equity holding, valued at about Rs 114 crore.

It is unclear if Dhir’s exit violates the preconditions set by the government for Vedanta Group’s takeover of Cairn India. Among other conditions, the government had stated would have to retain Cairn India’s management team for three years.

Dhir, 46, a Wharton graduate and an India-born British national, had joined Cairn in 2006. Earlier, he headed the energy and power investment banking business at Merrill Lynch.

“We have achieved all major milestones set at the time of the IPO (initial public offering). With the completion of Vedanta’s acquisition, Cairn India’s exceptional organisation and unique asset base are well placed to continue to deliver sustainable growth and value for our nation and all our stakeholders. This is the right transition point for me to pursue my entrepreneurial interests,” Dhir said.

image
Business Standard
177 22
Widgets Magazine

More News

  • SMEs fuelling India growth story: Adaire Fox-Martin SMEs fuelling India growth story: Adaire Fox-Martin
  • (From left to right) Dr Arvind Lal, CMD,  Dr Lal PathLabs Pvt Ltd and  Dr Om Manchanda, CEO, Lal PathLabs Pvt. Ltd at the announcement of Dr Lal PathLabs IPO in Mumbai (pic: Suryakant Niwate) Dr Lal PathLabs faces pricing pressure, margin erosion
Widgets Magazine
Widgets Magazine

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard