Vedanta CEO Resigns Citing Personal Reasons; Sunil Duggal Appointed Interim Chief Executive
A man waters plants outside the Indian headquarters of Vedanta Resources Plc, which houses the company’s Sterlite Industries (India) Ltd. unit, in Mumbai, India. (Photographer: Adeel Halim/Bloomberg News)

Vedanta CEO Resigns Citing Personal Reasons; Sunil Duggal Appointed Interim Chief Executive


Vedanta Ltd. on Friday said its Chief Executive Officer Srinivasan Venkatakrishnan has resigned citing personal reasons.

The resignation will be effective April 5, Vedanta said in a Bombay Stock Exchange filing. "The board of directors of the company in their meeting held on March 27, 2020, have...taken note of the resignation of S Venkatakrishnan from the position of the whole-time director and CEO of the company with effect from the closure of business hours on April 5, 2020, on account of personal reasons," Vedanta said.

The company said Sunil Duggal, the 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 the appointment of Anil Agarwal as an 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 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.

Also read: Vedanta Gets Top Court Nod to Bid for Nalco’s Alumina Tenders

It said the company has appointed Sunil Duggal as interim chief executive officer of the company. He will report to the 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."

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.