SpiceJet in for an overhaul

Bangalore: At the budget airline SpiceJet Ltd, it is not just stakes that will change hands; with the exit of some promoters, the airline could see some alteration in the management team, too.
A source in the airline said the resignation of SpiceJet executive chairman and CEO Siddhanta Sharma is one of the outcomes of the management overhaul the carrier will see with ownership transfer.
On Saturday, SpiceJet issued an official statement saying, “The board of directors of SpiceJet Ltd has accepted the resignation of Siddhanta Sharma. Sharma is leaving SpiceJet for personal reasons effective July 31, 2008.”
Sources, however, say it was at the behest of one of the potential investors — Wilbur L Ross — that Sharma was moved out.
The sources said Ross wants to get in his “own person” to run the airline.
For some time now, another SpiceJet investor Istithmar has also been demanding a change in the management leadership.
“Siddhanta Sharma is Bhupendra Kansagra’s man, and now that Kansagra is selling his stake, he (Sharma) has put in his papers...,” said the source.
14/07/08 Praveena Sharma/Daily News & Analysis

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Categories: SpiceJet Jul 2008