Indian oil and gas explorer Cairn India announced that its managing director and CEO has decided to step down with the decision becoming effective June 5, 2016.
While the company posted its biggest quarterly loss last month, Mayank Ashar cited ‘personal reasons’ for his decision to leave the company. He was appointed CEO in November 2014.
Cairn’s CFO, Sudhir Mathur, will lead the organization as the acting CEO now and will continue to work closely with the leadership team in managing the business under the guidance of the board, the company said.
The current CEO will provide transition support to Mathur through June 30, 2016.
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. Cairn India shares the country’s vision for energy security and I am sure that Sudhir and the team will continue to strongly pursue the organization’s goal.”