NEW DELHI: Forward of an impending IPO, Jeh Wadia, a part of GoAir’s promoter household, has stepped down as managing director of the low price service (LCC) whereas persevering with as a promoter.
The airline has appointed former Spirit Arlines CEO Ben Baldanza as vice-chairman of the board.
“With the objective of taking GoAir to its subsequent part of development, the promoters of the corporate and its board got here collectively to formulate a long-term plan… to additional strengthen the administration of the corporate by bringing on-board confirmed trade professionals,” GoAir stated in a press release.
Baldanza, who has been an advisor to GoAir from 2018 and director since 2019, is an airline trade veteran of a number of a long time. He has labored in American Airways, Northwest Airways, Continental Airways amongst others, earlier than changing into the CEO of Spirit Airways in 2006.
Baldazna Spirit Airways went public by efficiently main its IPO in 2011. GoAir, which has been planning an IPO for over a decade now, is learnt to be lastly on the point of go public subsequent fiscal.
Talking on behalf of the promoter household, chairman Nusli Wadia stated: “We’re comfortable that Ben has accepted the place of vice-chairman. His expertise in creating the primary ULCC in US, turning it worthwhile and efficiently main its IPO are of nice worth, as GoAir embarks on the following part of its development journey.”
Baldanza stated: “I’m excited to be a part of GoAir’s subsequent stage of journey. This offers me the chance to use my years of airline expertise within the vibrant and fast-growing market of India to create enduring worth for all stakeholders.”
“Baldanza, as VC, will now work straight with the administration crew, comprising of CEO Kaushik Khona and CFO Pankaj Chaturvedi, within the subsequent development part of GoAir into making it India’s first extremely LCC. Consequently, Jeh Wadia, a part of the promoter household, has stepped down from his place of MD whereas persevering with as a promoter,” the airline assertion stated.