Cairn India CEO & MD Rahul Dhir quits to pursue entrepreneurial interests
09 Aug 2012
Rahul Dhir, CEO & MD, Cairn India has decided to step down as managing director and chief executive officer of the company effective 31 August, 2012 to pursue his entrepreneurial interests, said Cairn India in a statement yesterday.
"The search for Mr. Dhir's successor is underway and an announcement is expected soon. During this intervening period, the Board has appointed Mr. P. Elango, Director - Strategy and Business Services and a member of Cairn India's Executive Committee, as the Interim CEO.
"Mr. Elango, an experienced oil & gas veteran has been with Cairn for over 15 years and has worked competently alongside Mr. Dhir for the past six years," the company added.
The company also said, "The Board expresses its appreciation for Mr. Dhir's dedicated service and for leading the company from the front. Navin Agarwal, chairman, Cairn India, said: "The success of Cairn India, under Rahul's leadership has been achieved through building a globally competitive team, ensuring a strong focus on disciplined execution, sustaining low cost and safe operations and innovative application of technology.
"These strategic pillars will continue to remain core to Cairn India's operating philosophy as it enters the next phase of its growth. We thank Rahul for his valuable contribution and wish him success in his future endeavours".
Dhir has led Cairn India since its establishment in 2006 and played a key role in the explorer's successful IPO of January 2007.
With Dhir at the helm, Cairn India grew to emerge as one of the leading oil & gas companies in India, with a market capitalisation of over US $11 billion.