Essar Energy, the India-focused integrated energy company, appointed Sushil Maroo as the CEO and a director of Essar Energy following Naresh Nayyar, the current CEO’s decision to step down. Nayyar will, however, be appointed as a member of the Essar Corporate Centre, an oversight advisory committee.
Sushil Maroo most recently served as the deputy managing director and a board director of Jindal Steel and Power and deputy managing director of Jindal Power since 2008. Maroo has 30 years business experience covering strategy, business operations, mergers and acquisitions, and project and corporate finance. He joined Jindal Steel and Power in 2001 and played a critical role in the group’s financial planning and strategic growth.
The Nominations and Governance Committee of the Board had been looking at the options for a new CEO after Nayyar indicated a desire to take a step back from day to day operations.
Nayyar has held the position of CEO of Essar Energy since March 2010, and was the managing director and CEO of Essar Oil from October 2007 to December 2011. Nayyar has also been instrumental in overseeing the growth of Essar Energy since its IPO in May 2010.
Commenting on the changes, Prashant Ruia, chairman of Essar Energy, said, “[Mr Maroo’s] hands-on experience of the power business in India will be of great value to Essar Energy. We are pleased that Mr Nayyar has agreed to continue to provide business performance support and guidance to Essar Energy in his new role with Essar’s Corporate Centre.”