Jeh Wadia to step down as MD

Mumbai: Change is in the (Go)Air. Ask Jeh. "Systems and processes drive businesses, not personalities," says Jeh Wadia, MD of GoAir. To drive home the point, Wadia has decided to take a back seat from September and leave it to a professional CEO to pilot the airline.
This decision comes at a time when his airline has been in the news for being a takeover target. For the umpteenth time, Wadia says, "We are not in a hurry to sell. Yes, we have received certain proposals and we are evaluating these. We will be open to a stake sale up to 26% if any of these meets our valuation criteria." "And yes, the Chennai-based Paramount Airways is not among the suitors," he adds.
GoAir's expansion plans are fully funded by the Wadia group. The reason for looking at investors is purely based on a long-term strategy.
But that does not take away the fact that GoAir needs funds. Like the other players, GoAir too has been hit by rising fuel costs and cut-throat prices. Wadia defends his model and says the situation went out of hands because of one player who did not follow the conventional low--cost airline model.
02/07/07 Mansi Kapur/Times of India

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Categories: GoAir Jul 2007