Maran takes chairman’s seat at SpiceJet

New Delhi: Chennai-based Sun TV Network Ltd chief Kalanithi Maran took control of Gurgaon-based carrier SpiceJet Ltd on Monday by inducting new board members and a new chief operating officer, concluding the acquisition announced five months ago.
Maran, who attended his first formal board meeting in Gurgaon on Monday, will be the new chairman of the company with the single largest stake of 38.66% through KAL Airways Pvt. Ltd.
It paid Rs.746 crore after the June announcement for a 37.7% stake in the airline, which was followed by an open offer that ended earlier this month. The final deal size was not disclosed on Monday.
SpiceJet’s new board will be dominated by the Marans. It will include key members from the Sun TV group besides Maran. These include Kavery Kalanithi, S. Sridharan, J. Ravindran, Nicholas Martin Paul and M.K. Harinarayanan. Those exiting include B.S. Kansagra, Kishore Gupta, Mukkaram Jan and Vijay Kumar, besides Atul Sharma, Ajay Singh and Wilbur Ross representative Ranjeet Nabha.
S. Natrajhen, chief financial officer (CFO) of Sun TV Network, will be the new chief operating officer (COO) of SpiceJet, supporting newly appointed chief executive officer (CEO) Neil Mills, formerly CFO of West Asian low-cost start-up flydubai before shifting to India last month. The budget airline also appointed R. Neelakantan as its new vice-president (finance), said a person familiar with the development who did not want to be named.
16/11/10 Tarun Shukla/Live Mint

To Read the News in full at Source, Click the Headline

Categories: New Nov 2010, spicejet Nov 2010