Cairn India today announced the resignation of its Managing Director and CEO Rahul Dhir. P Elango, director of strategy, takes over as the interim head of the company.
Dhir's resignation comes just days after the company reported its best ever quarterly performance with a 40% jump in its net profit. The company posted first-quarter profit of Rs 3,826 crore compared to Rs 2,727 crore in the same period the previous year.
46-year-old Dhir is a Wharton graduate and British national. He had joined Cairn in 2006 from Merrill Lynch, where he headed the energy and power investment banking business.
He was the one who charted Cairn India’s course to the initial public offer (IPO) in India.
Dhir is also credited as being one of the highest paid, non-promoter CEOs in India with a salary of Rs 12.3 crore last year.