Sector News

Canadian oil patch veteran Mayank Ashar named chief of Cairn India

October 23, 2014
A Canadian oil patch veteran is the new chief of one of India’s largest independent oil companies. Cairn India Ltd. announced Tuesday that it had hired Mayank Ashar as the company’s new managing director and CEO.
Mr. Ashar is a long-time Canadian oil patch executive and has held senior positions with BP, Petro-Canada, Suncor Energy Inc. and, most recently, New Brunswick-based Irving Oil Ltd., where he was president and CEO.
Cairn had been on the hunt for a new CEO since former interim chief P Elango resigned in May of this year. Mr. Ashar’s appointment to the company’s top job is subject to board and shareholder approvals – though the company is controlled by Vedanta Resources.
Vedanta’s deputy chairman Navin Agarwal is also Cairn India’s chairman and gave Mr. Ashar an endorsement when announcing the Canadian’s appointment, citing Mr. Ashar’s “strong track record” of building value at the companies where he has worked.
By Geoffrey Morgan

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