Essar Energy has appointed Sushil Maroo as Chief Executive Officer and Director. This follows the decision of Naresh Nayyar, the current Chief Executive Officer, to step down.
Nayyar will, however, be appointed as a member of the Essar Corporate Centre, an oversight advisory committee.
Both the appointments are effective September 16, Essar said in a statement.
Maroo, a chartered accountant, has 30 years of experience covering strategy, business operations, mergers and acquisitions, besides project and corporate finance.
Recently, he served as Deputy Managing Director and Director of Jindal Steel and Power.
He was also the Deputy Managing Director of Jindal Power since 2008.
Prior to the Jindal Group, Maroo had worked with large corporates such as Hindustan Lever, Voltas, Nippon Dendro Ispat Ltd and Chambal Fertilisers and Chemicals.
Essar said its board’s nominations and governance committee has in place plans for the succession of directors and other senior executive positions. The committee had been looking at the option for a new Chief Executive Officer as Nayyar, 62, had indicated his desire to step back from day-to-day operations. Prashant Ruia, Chairman, said: “Maroo has a strong track record of business operations and providing strategic and financial advice across a number of industries.
“His hands-on experience of the power business in India will be of great value to Essar Energy. Nayyar has provided excellent leadership to Essar Oil and Essar Energy over the last six years. We are pleased that he has agreed to continue to provide support and guidance to Essar Energy in his new role with the Essar’s Corporate Centre.”
shanker.s@thehindu.co.in