Vedanta Group-controlled Cairn India Ltd has appointed Mayank Ashar as the managing director & chief executive officer of the company, as per a stock market disclosure.
Ashar’s appointment is subject to shareholders’ approval and other regulatory approvals, and will be effected from Nov 17, 2014.
Ashar who has almost four decades of experience in the international oil and gas industry, is currently working with Suncor Energy Inc as an executive vice-president of strategic growth and energy trading sector.
He has also served in various senior management and top leadership roles in global firms like British Petroleum, Petro-Canada and Irving Oil Ltd.
“Mayank has a strong track record of executing corporate strategy, driving operational efficiency and delivering value to all stakeholders. His appointment comes at a critical phase when Cairn India is focused on delivering the next level of growth from its world-class Rajasthan asset and other assets,” said Navin Agarwal, chairman of Cairn India.
Ashar holds a Masters of Engineering and an MBA from the University of Toronto. He also obtained Bachelors of Art & Science in chemical engineering and a B.A. in Philosophy and Economics from University of Toronto.
The CEO’s position was vacant at Cairn India after its chief executive Rahul Dhir put down his papers in Aug 2012. P Elango was named as the interim CEO who continued in the position before quitting the company in May this year citing personal reasons.
Gurgaon-headquartered Cairn India is one of the largest independent oil and gas exploration and production companies in India. The firm has four offices in India and one in Colombo and London each.