 "GoAir")
The Wadia-group’s budget airline, GoAir, has elevated chief executive officer Wolfgang Prock-Schauer to the post of managing director. The redesignation takes place as the airline prepares for an initial public offer of equity. Prock-Schauer will now hold twin charge of both CEO & managing director.
Prock-Schauer, who joined last June, will hold the managing director’s post along with airline promoter Jeh Wadia. An airline spokesperson added that it was subject to statutory approvals. The airline did not explain move. Prock-Schauer was CEO of Jet Airways for six years till 2009. Sector watchers said, GoAir wants to demonstrate stability and consistency in its top management and indicate it is ready for expansion.
GoAir’s growth has been the slowest among the older airlines and has only 19 aircraft. It has a market share of eight per cent and registered loads of nearly 85 per cent in the first two months of this year. According to aviation consultancy CAPA, GoAir is expected to post a profit of $20-25 million in the year ended March 2016. It is due to receive its first Airbus A320neo in May and will have a net induction of eight planes in FY 2017 – the highest so far in a year by the airline since its launch in November 2005.
GoAir has 72 Airbus A320neo on order.
GoAir is said to be planning a $150 million-IPO and according to earlier reports, has appointed Goldman Sachs, Bank of America Merrill Lynch and Kotak Mahindra to manage the offer.
