The churn at the top of InterGloble Aviation-owned IndiGo is part of India’s biggest airline’s plan to focus on expanding its international operations, sources close to the development have told Moneycontrol.
"The airline is looking to expand its international presence and is looking at executives with experience in international markets," one of the sources said.
On March 30, the company announced that Gaurav Negi would take over as the chief financial officer from Jiten Chopra.
The next day, chief commercial officer Willy Boulter said he would leave the airline in July. In an interview to Bloomberg Television, he said his age was one of the reasons for the decision to leave IndiGo and he was looking to take up a part-time role.
IndiGo had not yet decided on a replacement for Boulter and would be looking at top executives with international airlines, the source said.
A second source said Negi’s appointment was a clear indication that IndiGo was looking at executives with international experience for its management roles.
Before joining IndiGo as the senior vice president and head of governance, risk and compliance in December 2021, Negi was with General Electric as its Asia Pacific CFO for On Shore Wind.
The changes at the top also come after co-founder Rahul Bhatia was appointed in a newly-created executive role of managing director in February.
Rakesh Gangwal, the other co-founder, stepped down from the board in February and announced that he would sell his stake over the next five years.
Bhatia and Gangwal, who collectively held 74.44 percent of the paid-up equity share capital, had in January called an extraordinary general meeting to amend the airline’s Articles of Association and remove restrictions on the transfer of promoter shares.
The two had been feuding for more than two years, with Gangwal accusing Bhatia of indulging in “questionable” related-party transactions between InterGlobe Aviation and Bhatia Group entities.
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