Vedanta says Cairn India CEO is stepping down

Mining giant Vedanta Resources has said that its subsidiary Cairn India has announced the departure of its Chief Executive Officer (CEO) and Managing Director Rahul Dhir, saying he will step down at the end of August.

The company has already begun its search for a replacement and in the meantime has appointed P. Elango, the Director of Strategy and Business Services, as the interim CEO.

He is described by Cairn as an experienced oil and gas veteran who has been with the firm for over 15 years.

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Navin Agarwal, Chairman of 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."

Dhir has held the role of CEO since 2006 and was instrumental in the successful initial public offering in January 2007.

The share price fell 1.69% to 990p by 12:26.

NR