Cairn India on Wednesday announced that
Rahul Dhir would step down as managing director and chief executive officer of the company effective 31 August, 2012, to pursue his entrepreneurial interests.
Cairn India said that search for his successor is underway and an announcement would be made soon. During this intervening period, its board has appointed P Elango, Director - Strategy and Business Services and a member of Cairn India's Executive Committee, as the interim CEO.
Elango has been with Cairn for over 15 years and has worked alongside Dhir for the past six years.
Dhir has led
Cairn India since its inception in 2006 and was instrumental in the successful IPO in January 2007. Under his leadership, Cairn India has grown into one of the leading oil & gas companies in India, with a market capitalization of over $$11 billion.
Dhir said, "It's been a privilege to be part of Cairn India's remarkable growth story over the past six years. We have achieved all major milestones set out at the time of the IPO. With the completion of Vedanta's acquisition, Cairn India's exceptional organization and unique asset base are well placed to continue to deliver sustainable growth and value for our Nation and all our stakeholders. This is the right transition point for me to pursue my entrepreneurial interests."
Rahul Dhir 
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