Cairn Energy's Deputy CEO and Managing Director step down

10th Apr 2014 07:38

Cairn Energy's Deputy Chief Executive Officer (CEO) Mike Watts, Managing Director and Chief Financial Officer (CFO) Jann Brown are stepping down as executive directors of the company.They will leave after the annual general meeting on May 15th 2014. James Smith will take over as Finance Director and will join the Cairn Board as an Executive Director, following the meeting. Cairn said Watts and Brown have agreed to continue in senior roles and "dedicate their time to seeking to resolve the tax position in India".India's tax authorities are investigating Cairn's tax bill for 2007 after the company completed a £980m initial public offering of its former subsidiary in India, now controlled by Vedanta.As a result, Cairn has been restricted by the Indian tax department from selling the remaining 10.3% stake in Cairn India, valued at $1bn at December 31st 2013.Chief Executive Officer Simon Thomson said: "The changes announced today offer the best way of organising our business for the future - both in delivering our ongoing balanced growth strategy and in dealing with the situation in India."RD