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| Edited By: DNA Web Team |Source: DNA Web Desk |Updated: Sep 10, 2022, 08:25 AM IST
Ashish Kumar joins SpiceJet as CFO with immediate effect, leaves parent rival company IndiGo
Private airline SpiceJet revealed on September 9 that Ashish Kumar, who had previously worked for IndiGo Enterprises, will take over as its new chief financial officer (CFO).
Ashish, the CFO will assume charge at SpiceJet with "immediate effect", the airline said in a statement. He comes with over 26 years of experience in several sectors.
Kumar's experience will be key to put the airline back on the path of growth, said SpiceJet chairman and managing director Ajay Singh.
"Restructuring SpiceJet and putting it back on a path of rapid growth is the best job in the aviation industry today. Ashish’s experience and proven track record will ensure that he can successfully lead this effort. I wish him all the best for his new role," he said.
Kumar, while commenting on his hiring, said, "I am delighted and honoured to join SpiceJet and look forward to closely working with the team. I hope to contribute to the growth story and scale greater heights with the company under the able leadership of Ajay Singh."
SpiceJet is in urgent need of recapitalisation reporting losses of Rs 316 crore, Rs 934 crore, Rs 998 crore, and Rs 1,725 crore in FY19, FY20, FY21 and FY22, respectively.
Through share dilution, debt equity restructuring, and the government's ECLGS scheme, which offers collateral-free and government-guaranteed loans to businesses afflicted by the coronavirus pandemic, the airline is hoping to raise up to $200 million USD
