Vedanta CEO Departs

Vedanta Limited has announced the departure of company CEO Srinivasan Venkatakrishnan and the appointment of Sunil Duggal, CEO, Hindustan Zinc as Interim CEO.

Venkatakrishnan took up the position in 2018, since which shares in the firm have fallen by around 70%. The company has been locked in a battle with the Zambian government regarding the future of KCM, with the government putting the mine into provisional liquidation last year.

According to a statement released by the company “Srinivasan Venkatakrishnan will be stepping down as CEO and Director of the Company with effect from 5th April 2020, for personal reasons and will rejoin his family in South Africa.”

Commenting on Venkatakrishnan’s departure Vedanta Chairman, Navin Agarwal is quoted as stating, "We would like to acknowledge and express our deep appreciation and thank Venkat for his immense contribution to the company. Apart from his relentless focus to drive the company, he has been in the forefront in leading the sustainability practices within the group which has set an industry benchmark. We wish him the very best.”

Sunil Duggal will take on the position of Interim CEO, Vedanta Limited along with his current role as CEO & Director of HZL. A statement from the company says that, “Sunil brings 36 years of rich and diverse leadership experience and has been associated with the group for last 10 years. He has worked with Ambuja Cement in the past. Sunil is an active member of several industry and advocacy forums.”