Millennium Post

Cairn India CEO Mayank Ashar to get $1.15-mn+plenty of perks

Cairn India will pay Mayank Ashar, its first full-time CEO in two years, a salary of $1.15 million plus perquisites and allowances. Cairn will pay Ashar a base salary of $1 million per annum plus $1.5 lakh in a special allowance/foreign service premium.

On top of this, he will also be entitled to other benefits, perquisites and allowances like housing, car, insurance etc, the company said in a notice to shareholders. Besides retirement benefits and bonus of a maximum of 200 per cent of basic salary, Cairn will pay Ashar a one-time joining bonus of $1.5 lakh. Cairn has been without a full-time CEO since its long-standing head Rahul Dhir quit in August 2012. The Vedanta Group-controlled firm first appointed P Elango as interim CEO and after he resigned in May, Sudhir Mathur, the Chief Financial Officer, was given additional charge as interim CEO.

Dhir had in 2011-12, his last full year as CEO, drawn a total salary of Rs 14.25 crore. This comprised of Rs 4.95 crore in basic salary, Rs 5.7 crore in perquisites, Rs 3.09 crore in bonus and Rs 4.22 crore in retirement benefits, says the company's annual report. Ashar, 59, will take over as Managing Director and Chief Executive Officer of the company with effect from 17 November, 2014 for a period of five years, Cairn said in the notice through which it sought shareholders' nod for the appointment.

‘He has over 36 years of rich and exhaustive experience in international oil and gas industry through various senior management and top leadership roles in leading global companies such as British Petroleum, Petro-Canada and Suncor Energy. Ashar brings a rare mix of driving corporate strategy and on-ground execution,’ Cairn said in the notice.

He also served as the Chief Executive Officer & President at Irving Oil Limited. With Elango's resignation, the entire senior team of Cairn Energy, the former parent of Cairn India, had exited since Vedanta Resources Plc took control in 2010.

Elango was the second senior executive that Vedanta lost across its Indian businesses this year. P K Mukherjee, the Executive Director of Sesa Sterlite Ltd's iron ore business, resigned on 28 March.
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