Deep Kalra becomes Chairman, steps away as MakeMyTrip CEO
Deep Kalra, the group CEO of MakeMyTrip, has announced that he will be stepping away from his role as the CEO and cofounder Rajesh Magow would be taking over the top job. Magow had been leading the India business of the online travel giant and would now be leading the entire business.
“We believe that separating the roles of Group CEO and Executive Chairman will allow us to focus more on long-term strategic opportunities within and outside India, while maintaining our market-leading position in our existing businesses,” said Kalra.
A well-renowned startup entrepreneur and an active angel investor, Kalra will now serve as the Executive Chairman on the MakeMyTrip board. In his new role as the chairman, he is expected to drive strategic initiatives, focus on product innovation and expansion, geographic growth, business model innovation and overall corporate development.
“The board and I have the utmost confidence in Rajesh’s capabilities in his elevated role to drive the next phase of growth for the group through its three strong brands, MakeMyTrip, Goibibo, and Redbus. In this role, he will continue to work closely with me.”
MakeMyTrip’s Q3 results of FY19-20 reported an adjusted net loss of $15.8 Mn as opposed to $14.8 Mn in the same quarter of last year.
As the travel industry faces heavy competition, Kalra’s move to a strategic role is expected lead to lower losses for the company in the next quarter.
Image credit: Business Standard