Vedanta CEO resigns citing personal reasons; Sunil Duggal appointed interim chief exec
The resignation will be effective April 5, Vedanta Ltd said in a BSE filing.
"The board of directors of the company in their meeting held on March 27, 2020, have...taken note of resignation of S Venkatakrishnan from the position of the whole-time director and CEO of the company w.e.f. close of business hours on April 5, 2020, on account of personal reasons," Vedanta Ltd said.
The company said Sunil Duggal, whole-time director and CEO of Hindustan Zinc Ltd, a subsidiary of Vedanta, will take additional charge as an interim CEO of Vedanta Ltd from April 6.
The company further announced appointment of Anil Agarwal as additional non-executive director designated as chairman of the company's board with effect from Saturday.
The board has also re-designated Navin Agarwal as executive vice-chairman of the company's board with effect from the close of business hours on Friday.
In a separate statement, Vedanta Ltd said Srinivasan Venkatakrishnan will step down as CEO and the company's director with effect from April 5, 2020, for personal reasons and will rejoin his family in South Africa.
It said the company has appointed Sunil Duggal as interim chief executive officer of the company.
He will report to chairman, the statement said.
On his appointment, Duggal in the statement said, "I am indebted to the company for this appointment. I am confident that at Vedanta, with its strong moorings, I will be able to steer the company through its trajectory of growth and contribute to the economic progress of our country." ABI HRS