IndiGo, which is owned by InterGlobe Aviation Limited, has named Gaurav Negi, a senior vice president at the firm, as its new chief financial officer (CFO), following Jiten Chopra’s retirement, the country’s largest domestic airline said in a statement on Tuesday.
From April 1, Gaurav Negi, who is currently IndiGo’s senior vice president (SVP) and head of governance, risk, and compliance, will take over as CFO.
Negi’s hiring comes at a time when IndiGo is aiming to expand its worldwide operations, despite rising oil costs as a result of the ongoing crisis in Ukraine.
IndiGo announced its first quarterly profit in over two years in February, despite a continuous increase in passenger volume and rates.
In the three months ending December 31, the airline’s net profit increased to 129.80 crore, up from a deficit of 620.14 crore the previous year. The airline, which last made a profit in the quarter ending in December 2019, had a loss of 1,435.66 crore in the previous quarter.
The airline has selected co-founder and promoter Rahul Bhatia as managing director for a five-year term beginning on February 4th.
“IndiGo has seen few CFO changes in the previous couple of years, and its co-founder, who generally lets professional management run the airline, has returned to the helm,” claimed an unnamed industry source.
“The task will be to manage the airline effectively in the face of headwinds like as the Ukraine crisis, pandemic, and other factors,” the source continued.
Following the government’s declaration that the prohibition on scheduled foreign flights would be lifted on March 27, IndiGo is expanding its overseas operations.
IndiGo would resume scheduled operations on more than 150 routes in a gradual manner, including Dammam, Kuwait, Abu Dhabi, Sharjah, Jeddah, Riyadh, Doha, Bangkok, Phuket, Singapore, Colombo, Dubai, Kathmandu, Maldives, and Dhaka, according to a second statement from the airline.
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