IndiGo Parent InterGlobe Aviation Appoints Kiran Thadimarri as New CFO

Kiran Thadimarri replaces Gaurav Negi, who has been appointed as an Advisor to IndiGo Managing Director Rahul Bhatia. Negi stepped down as CFO at the end of July 27.

The company's board approved these leadership changes during its meeting on Monday. After leaving the CFO role, Gaurav Negi officially started his new advisory position.

Before becoming CFO, Kiran Thadimarri served as Deputy CFO. He has more than 24 years of finance experience and has worked at InterGlobe Enterprises, Udaan, Genworks Health, and General Electric, with expertise in financial planning, treasury, fundraising, taxation, auditing, and investor relations.

Gaurav Negi has more than 20 years of experience in finance and corporate governance. Before joining IndiGo, he held several senior finance positions at General Electric, including CFO roles for GE Renewable Onshore Wind Asia Pacific, GE Healthcare, and GE NBCU.

The company did not give a specific reason for the leadership changes. It only said that Gaurav Negi has moved into an advisory role, while Kiran Thadimarri has been promoted from Deputy CFO to Chief Financial Officer (CFO).

The appointment comes soon after IndiGo reported a consolidated net loss of ₹238 crore for the June quarter. The loss was mainly caused by higher aviation fuel costs, the weakening of the Indian rupee, and disruptions in West Asia, even though the airline's revenue increased.

In a separate update, IndiGo said it received a customs order asking it to pay additional duties on imported goods for the period from April 2020 to March 2024, along with a penalty of ₹1.14 crore.

The airline said it believes its customs classifications were correct and plans to challenge the order through legal channels. IndiGo also said it does not expect the issue to have a significant impact on its financial performance or daily operations.

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