Rakesh Gangwal, IndiGo's co-founder and co-promoter, resigned from the company's board of directors with immediate effect on Friday, just two weeks after his long-time rival Rahul Bhatia was named managing director.
Gangwal also indicated that he would gradually lower his share in the company in a letter to the Board members.
InterGlobe Aviation, IndiGo's parent business, named co-founder and co-promoter Rahul Bhatia as Managing Director on February 4. "I've been a long-term stakeholder in the Company for over 15 years, and it's only reasonable to consider diversifying your interests at some point.
As a result, my present plan is to gradually reduce my stock investment in the Company over the next five years or so. While new investors will profit from the Company's possible future gain in share price, I will be able to benefit from part of the upside by gradually reducing my ownership. Future events, like any plan, may have an impact on my current thinking "In the letter, Gangwal stated.
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IndiGo elevates co-founder Rahul Bhatia as Managing Director
