Following the abrupt departure of Chief Financial Officer Sanjeev Taneja, reported on August 31, SpiceJet quickly found his replacement: Ashish Kumar will be the company’s new CFO.
To take over at SpiceJet, Kumar is leaving his post as vice president and head of corporate finance at Interglobe Enterprise, a holding company that has a 37 percent controlling stake in rival airline IndiGo.
As reported by India Times, the SpiceJet chairman said «Restructuring SpiceJet and putting it back on the path of rapid growth is the best job in the aviation industry today. Ashish’s experience and proven track record will ensure that he can successfully lead this effort.»
The company’s substantial losses put it at serious risk of continuity, and Kumar’s appointment may imply an InterGlobe approach to SpiceJet. The low-cost carrier is desperately seeking to close a $200 million financing deal and a debt restructuring, which may be an opportunity for IndiGo to absorb a major rival.
