Diversified mining firm Vedanta Ltd stated that Chief Executive Officer S Venkatakrishnan has resigned due to personal reasons, less than two years after he took the post. Srinivasan Venkatakrishnan will be stepping down as CEO and Director of the company with effect from 5th April 2020 and will be replaced by Sunil Duggal, the current head of Vedanta unit Hindustan Zinc Ltd. Duggal will take over as interim CEO.
Company Chairman, Navin Agarwal stated, “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.”
He added, “We extend a warm welcome to Sunil Duggal who has been a mature and proven leader, held key leadership positions, as our Interim CEO. We look forward to Sunil taking the company to greater heights.”
Venkatakrishnan will be stepping down as CEO with effect from 5th April 2020, for personal reasons and will rejoin his family in South Africa. He was previously CEO of South African miner AngloGold Ashanti Ltd and had taken over as Vedanta chief in 2018 amid a rebound in metal prices.
Commenting on his appointment, Sunil Duggal 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 Sensitivity: Internal (C3) company through its trajectory of growth and contribute to the economic progress of our country.”
Duggal will take on the additional charge along with his current role as CEO & Director of HZL. He will report to the Chairman. Sunil brings 36 years of rich and diverse leadership experience and has been associated with the group for the last 10 years. Prior to this, he has worked with Ambuja Cement in the past. Duggal is also president of the Federation of Indian Mineral Industries, the country's biggest mining lobby group. It is this experience that the mining firm is hoping to leverage as it is looking to expand its zinc, silver and oil and gas business and plans to invest $8 Bn towards it.