New Delhi: The Chief Executive Officer (CEO) and the Chief Financial Officer (CFO) at Vedanta’s oil and gas division, Cairn Oil and Gas, have stepped down from their respective posts. This is the fourth time a CEO has stepped down at Cairn Oil and Gas after its acquisition by Vedanta in 2011. According to sources, while CFO Pankaj Kalra resigned in mid-February, CEO Sudhir Mathur tendered his resignation last week.
Second round of resignation in three months
The news comes also three months after the company’s chief internal audit and risk assurance director resigned. Cairn, however, sought to downplay the resignations saying that they were unconnected and part of a “natural evolution” in any organisation.
“Such movements are part of a natural evolution in any organisation and are in line with career aspirations and personal priorities of individuals. Having a strong and healthy leadership pipeline is the key in a high-growth organisation like ours. We want to emphasise here that these movements are unconnected and have been spread over a period of time,” Cairn said in an official statement.
Vedanta’s Aluminium & power divisions CEO takes charge
Mathur is currently serving notice period, which technically extends until May-end, but he may leave the company by the end of April. Meanwhile, Vedanta’s Aluminium and power divisions CEO Ajay Dixit has taken charge of the oil and gas division.
PSU Watch is a business news brand of 27 Frames Communications LLP. It places the spotlight on PSUs, Governance, Bureaucracy, Defence and Public Policy as the sector traverses through a period of radical change.