In the absence of a chief executive officer (CEO), Delhi-based low-cost carrier SpiceJet has decided to set up a three-member management committee to take all company decisions, especially in the light of the recently-signed agreement with US-based investor Wilbur Ross.
The committee will comprise Kishore Gupta, Director, Samyukth Sridharan, Chief Commercial Officer and Parthasarathy Basu, Chief Financial Officer of the airline. SpiceJet executives said the committee was an interim arrangement and would be rolled back once a new CEO came on board.
“This is an interim set-up, until a new CEO comes on board,” said Sridharan. The erstwhile CEO, Siddhanta Sharma, resigned from the company last month, even as the company was on the threshold of signing the agreement with Ross. Later in the month, Sharma joined Rahul Bhatia-owned travel company InterGlobe as head of corporate affairs. Interglobe owns SpiceJet’s Delhi rival IndiGo.
The carrier signed an agreement with Ross on August 12, under which he and Goldman Sachs would invest $100 million in the low-cost carrier. Ross will be buying the entire FCCBs from Goldman Sachs, amounting to $42.5 million as well as bonds from Dubai-based investment group Istithmar valued at $25 million of the $37.5 million it holds in SpiceJet.