Cairn India CEO Mayank Ashar quits post

Energy major Cairn India's chief executive Mayank Ashar has resigned from his post, the company said on Friday.

Appointed CEO in October 2014, Ashar "has decided to step down for personal reasons effective June 5, 2016," Cairn said in a statement here.

The company's chief financial officer, Sudhir Mathur, has been appointed the acting CEO, it added.

Ashar had succeeded P. Elango, who resigned from the company in May 2014.

"The Board expresses its appreciation for Mayank's contribution during his association with the company. Under Mayank's leadership, Cairn India has delivered a resilient performance in a challenging business environment," the statement said.

Chairman Cairn India Navin Agarwal said: "Mayank has had a positive stint at Cairn. He leaves Cairn India in the hands of a strong leadership team."

Anil Agarwal-led mining major Vedanta Ltd had completed the purchase of Cairn India from British major Cairn Energy for $8.67 billion in 2011.

--IANS

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