Cairn India's new CEO Mayank Ashar to draw $1.15 mn yearly

Energy major Cairn India will pay its newly appointed chief executive officer Mayank Ashar a salary of $1.15 million along with perquisites and allowances, the company said Tuesday.

Cairn will pay Ashar a base salary of $1 million per annum plus $150,000 in a special allowance as a foreign service premium.

He will also be entitled to other benefits and allowances like housing, car and insurance, it said in a notice to shareholders.

Apart from retirement benefits and bonus of a maximum of 200 percent of basic salary, the company will pay Ashar a one-time joining bonus of $150,000.

The Cairn India board appointed Ashar last month with effect from Nov 17, as its first full-time CEO in two years.

"He has over 36 years of rich and exhaustive experience in international oil and gas industry through various senior management and top leadership roles in leading global companies such as British Petroleum, Petro-Canada and Suncor Energy. Ashar brings a rare mix of driving corporate strategy and on-ground execution," Cairn said.