Wadia group-owned GoAir Monday said Jeh Wadia has stepped down as airline’s managing director but will continue as its promoter.

The airline didn’t elaborate reasons. It further said it has appointed veteran Ben Baldanza as Vice Chairman.

This shuffle comes amidst buzz that GoAir is mulling an IPO. The airline has in several instances in the past planned a maiden share sale but it hasnt fructified yet.

Wadia’s exit as MD is the latest in top level churns that have become common at the low fare carrier in the last two years.

In September, GoAir’s chief commercial officer Praveen Iyer quit, a month after its CEO Vinay Dube resigned and two weeks after head of flight operations Nikhil Ved left. Dube joined the airline as CEO in February 2020 and quit in August. He was replaced by old Wadia group hand Kaushik Khona.

Baldanza has been an advisor to the company since 2018 and director since 2019. Baldanza has in the past worked in American Airlines, Northwest Airlines, Continental Airlines among others, before becoming the CEO of Spirit Airlines in 2006. He repositioned Spirit Airlines into the first ultra low cost carrier in the North Americas and increased its fleet from 32 to 100.

Baldanza, as Vice-Chairman, will now work directly with the management team, comprising of CEO Khona and finance chief Pankaj Chaturvedi.

His “experience in creating the first ULCC in US, turning it profitable and successfully leading its IPO are of great value, as GoAir embarks on the next phase of its growth journey,” said chairman Nusli Wadia.