InterGlobe Aviation, the parent company of IndiGo, share price traded in the green, on Tuesday, 28 July, despite the company announcing a change in its finance leadership.
IndiGo share price opened at ₹5,255 apiece today, as compared to the previous close of ₹5,230 on Monday. The aviation stock touched an intraday high of ₹5,255 on NSE on 28 July.
IndiGo appoints new CFO
IndiGo, on Monday, announced the appointment of Deputy Chief Financial Officer Kiran Thadimarri as its new Chief Financial Officer (CFO), effective July 28, as part of a change in its finance leadership.
The appointment of Kiran Thadimarri as its new CFO marks the seventh major leadership change since co-founder Rahul Bhatia assumed the role of interim managing director in March, as the airline continues its top-level management reshuffle.
In an exchange filing, the company said the appointment comes after the redesignation of current CFO Gaurav Negi, who will take over as Advisor to the Managing Director with effect from the close of business on July 27.
A chartered accountant by qualification, Thadimarri brings over 24 years of experience across finance functions, including controllership, financial planning and analysis (FP&A), treasury, capital raising, taxation, audit, and investor relations.
Before joining InterGlobe Aviation, he held senior leadership positions at InterGlobe Enterprises, served as CFO at B2B ecommerce platform Udaan, and was co-founder and CFO of healthcare technology firm Genworks Health. He also spent more than 13 years at General Electric.
“His past assignments include leadership roles at InterGlobe Enterprises, Udaan (India’s largest eB2B ecommerce company), co-founder & CFO at Genworks Health and over thirteen years at General Electric Company,” the company said in the filing.
The company’s board approved the leadership transition at its meeting on Monday. However, it did not disclose any specific reason for Negi’s redesignation, stating only that he will assume the role of Advisor to the Managing Director.
Effective July 28, Thadimarri will also be designated as the company’s Key Managerial Personnel (KMP).
IndiGo share price trend
IndiGo share price trend has remained volatile amid weak market sentiments. The aviation stock has slipped 1% in a week and 3.80% in a month.
The multibagger aviation stock has gained 3% on a year-to-date (YTD) basis; however, it has fallen 9% in a year.
Looking at the broader level, IndiGo shares have delivered multibagger returns of 100% in three years and 214% in five years.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
