Moneycontrol Bureau
Investors continued to buy shares of low-cost carrier SpiceJet on Wednesday after it announced a major top-management reshuffle and induction of new CEO on Tuesday. The stock gained as much as 7 percent intraday today.
The airline has re-appointed R Neelakantan as CFO. He served as SpiceJet’s chief financial officer from November 2010 to February 2013, and is returning to this role after serving as the head of internal audit for the Sun Group (of which SpiceJet is a part) in the interim period.
The move follows after the current CFO Sam Issac quit the airline, apparently over differences on operational policy, said media reports.
In February, SpiceJet named Kaneswaran Avili as its Chief Commercial Officer (CCO).
This top management rejig has taken place five months after induction of Sanjeev Kapoor as chief operating officer (COO).
SpiceJet has also appointed Shilpa Bhatia as Senior VP of Sales and Distribution. Bhatia, who joined the airline from the Sahara Group two weeks ago, will be replacing V Raja, who is due to retire by month-end.
The airline further announced the appointment of Sudhakar Kondisetty as Senior VP of Information Technology. Kondisetty replaces Virendar Pal, who had also earlier expressed his desire to pursue other opportunities.
Also, Fares Azeem Kilpady, from Air Asia X, will be joining the airline as VP and Head of Revenue Management from April 1. Anurag Jain will now take on the role of Senior VP, Network Planning and Strategy Development.
“I am delighted at the addition of highly talented and experienced professionals with world class credentials to the SpiceJet management team,” said Chief Operating Officer Sanjeev Kapoor.
Meanwhile, Neil Mills had quit as CEO of the company in July to become chief executive adviser at Philippine Airline.
At 14:45 hours IST, the stock rallied 5.71 percent to Rs 13.52 amid high volumes on the BSE.
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