Cairn India CEO Mayank Ashar resigns

Cairn India Chief Executive Mayank Ashar has quit the job, the third CEO to resign from the company ever since it was taken over by billionaire Anil Agarwal-led Vedanta Group four-and-a-half-years back.

Ashar, who was appointed CEO in October 2014, "has decided to step down for personal reasons effective June 5, 2016," the company said in a statement here.

Sudhir Mathur, CFO, has been appointed as the acting CEO.

There have been murmurs about differences between Ashar and the promoters for the past couple of months.

Ashar had succeeded P Elango, who in a sudden move quit the company in May 2014. Elango, who was named interim chief executive in August 2012 when the firm's face Rahul Dhir resigned, too had cited "personal reasons" for the decision to step down.

"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.

Navin Agarwal, Chairman, Cairn India said: "Mayank has had a positive stint at Cairn. He leaves Cairn India in the hands of a strong leadership team." Elango's exit in 2014 had completed the exodus of the entire top management of Cairn India since billionaire Anil Agarwal-owned Vedanta in 2010 announced buying majority stake in the firm from Scottish explorer Cairn Energy Plc.

Rick Bott, who was Executive Director and Chief Operating Officer of Cairn India, quit the firm on June 15, 2011, while its Executive Director and Chief Financial Officer Indrajit Banerjee resigned with effect from August 23, 2011.

David Ginger, Cairn India's director of exploration and new ventures, quit the firm shortly after that and Dhir put in his paper after the Cairn-Vedanta deal was completed.

Company's Director, Commercial and New Business Ajay Gupta quit the firm in January 2013.

In February 2014, Sundeep Bhandari, the man credited with laying the foundation and then building what is now Cairn India, quit the company. He along with Dhir, Bott, Banerjee and Ginger ran the firm before Vedanta took over.

Vedanta completed the USD 8.67 billion acquisition of Cairn India in December 2011.