Cairn India employees were in for a surprise on Friday afternoon. The company management informed the stock exchanges that Mayank Ashar, Managing Director and Chief Executive Officer, will step down from his post for personal reasons, effective June 5.

Sudhir Mathur, the current Chief Financial Officer, will take over as Acting CEO. “Ashar will provide transition support to Mathur through June 30, 2016,” an official statement said.

This is not the first change Cairn India has witnessed since 2012. Rahul Dhir, the first MD and CEO, quit in 2012. After Dhir came P Elango, from 2012 to 2014, followed by Ashar.

Those who know the marathon runner said that Ashar worked on targets. Americanised in his approach, Ashar believed in setting goals.

Though Cairn India has till date not elaborated on why the previous two CEOs quit, what is known in the industry is that a company that has had a Scottish DNA since inception found it difficult to adapt to the workings in a family-owned business environment.

Ashar was not comfortable with “uncertainties” on the policy front. He has been very vocal on certain policy issues, including levy of cess on domestic explorers by the government and the extension of the contract for Cairn’s producing oil field in Barmer.

Cairn employees say that under Ashar’s leadership the company focused on a cohesive approach to tide through difficult times, including low crude oil prices, which impacted the entire sector.

He would always advise his colleagues to remain consistently focused on the core business. Believing that he owes the employees an explanation for his decision, Ashar will address a townhall at the company next week.

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