SpiceJet CEO quits

July 12th, 2008 - 10:58 pm ICT by IANS  

New Delhi, July 12 (IANS) Siddhanta Sharma, CEO and executive chairman of low-cost domestic carrier SpiceJet, stepped down Saturday citing personal reasons. The board of directors of SpiceJet Ltd had accepted the resignation, a company statement said.

It added that Sharma was leaving for personal reasons and that his resignation would be effective July 31.

“Siddhanta has been an integral part of the SpiceJet family since its very inception and has shared with us all the pain and joy of building this company,” SpiceJet promoter Bhupender Kansagra said.

Sharma has been with the airline since its inception in 2005. SpiceJet has been positioned as a budget airline after a group of shareholders bought S.K. Modi-run Modiluft and renamed it.

Sharma’s resignation comes at a time when the cash-strapped airline is looking for various ways to attract fresh investment. There were reports that US-based investor Wilbur Ross would pump in money into the airline for a stake in the company. UB group chairman Vijay Mallya is also reportedly interested in acquiring the airline.

SpiceJet has appointed merchant banker Rothschild to chart the way forward for the airline, raise $100 million to manage cash flows and also to fund fleet expansion. The airline is set to take deliveries of five Boeing-737s over the next five months.

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