IndiGo’s CFO steps down, a former GE executive replaces him
After working with InterGlobe Aviation Ltd. for 3 years, Chief Financial Officer Rohit Philip has put down his papers and decided to move on from the company.
Philip had joined IndiGo in July 2016 and is said to be brought to the company at co-founder Rakesh Gangwal's request. He had joined the airlines with a three-decade experience with United Airlines which was also the former employer of Gangwal. Recently, IndiGo co-promoter Rahul Bhatia and Rakesh Gangwal have also been in the news for their feud. Gangwal had written to market regulator Sebi in July and sought its intervention to address the alleged corporate governance lapses at the company, charges that have been rejected by the Bhatia group.
However, the dispute no longer exists and both of them have agreed to changes in related party transactions (RPT) policy and closed an issue related to increasing the size of the company's board to 10 directors during the company's 16th AGM on 20th August. But the resignation of Philip will now cause some jitters in the airline’s leadership team.
IndiGo Chief Executive Officer, Ronojoy Dutta is however relieved, as the airline has already found a replacement.
The new CFO: Former GE-Healthcare official Aditya Pande
Aditya Pande comes with over 27 years of experience. In GE itself he has been working since 2008. He had joined as Manager - Genpact GE Programs in January 2008 and then went on to become Chief Financial Officer for GE South Asia in July 2012. In his recent role, working as CFO for GE Healthcare, with India, Africa, ASEAN and Middle East as key markets.
CEO Dutta welcomed the new CFO and said, “His enormous and varied experience and understanding of the complexities of the various businesses he has worked will be invaluable to our future plans.”
Pande, also a qualified chartered accountant brings in many years of experience and knowledge from working with various sectors including Healthcare, manufacturing and services industry. He has led finance teams in Strategy, Corporate Finance, FP&A, Manufacturing Finance, General Management, M&A, Financial Modeling, Controllership Functions and stakeholder management.
IndiGo has managed to consistently make money even as domestic rivals struggle under a fierce fares war and the world’s priciest jet fuel. It is said to be one of the few Indian carriers with enough cash to aggressively expand. Just earlier this year, the airlines had signed a $20 Bn contract for aircraft engines with CFM International for the 280 Airbus A320neo and A321neo planes it operates. Now as it looks to expand further and gain more market share, the role of CFO will be extremely crucial.