Another SpiceJet executive quits

With South India-based media baron Kalanidhi Maran acquiring a major stake in SpiceJet, top heads in the budget airline have started rolling with Vice President Marketing Anish Srikrishna quitting the no-frills carrier.

"Yes, I have moved out of SpiceJet. I have put in my papers on Friday," Srikrishna told PTI here today.

Four days ago, SpiceJet's CEO Sanjay Aggarwal had resigned from his post, giving a free hand to Maran to revamp the airline management. Kishore Gupta, a member of the SpiceJet board, took over his place as part of an interim arrangement.

Meanwhile, it is understood the Dubai-based low-cost carrier Flydubai's Chief Financial Officer Neil Mills would step into the shoes of Aggarwal.

However, the appointment is likely to be effective only from October this year, sources said.

Mills joined Flydubai in July 2009 from one of Europe's most successful low-cost airline, easyJet, and has expertise in the budget airline sector.

Aggarwal's resignation had come after Maran-owned aviation company KAL Airways acquired 37.7 per cent stake for Rs 746 crore in the airline, with the option of acquiring another 20 per cent stake through an open offer.

The offer, which would give Maran the management control in the airline, is expected to open on August.

The open offer would involve an outgo of around Rs 480 crore, taking the overall deal size to Rs 1,220 crore. This included Rs 786 crore worth of 37.7 per cent stake bought from Wilbur Ross and B Kansagara.