IndiGo appoints Rohit Philip as CFO
Shares of InterGlobe fell 1.75% to Rs 1,030.05 in late morning trade on the BSE.
IndiGo's parent InterGlobe Aviation on Wednesday announced the appointment of Rohit Philip as its Chief Financial Officer.
Philip, coming in place of Pankaj Madan, who has put in his papers, would be joining the no-frills carrier from global document management and business services major Xerox Corporation.
InterGlobe's board approved the appointment of Philip during its meeting on Tuesday. His appointment as the Chief Financial Officer and Key Managerial Personnel of the company would be effective from "July 18, 2016 for a period of five years", the company said in a filing to the BSE.
At Xerox, he was Corporate Vice President and Treasurer. His appointment comes at a time when IndiGo, which got listed on the stock exchanges last year, is implementing ambitious expansion plans amid growing competition.
IndiGo is the country's largest carrier by market share. Philip had worked at United Airlines for 17 years, where he was Senior Vice President, Corporate Strategy and Business Development. Besides, he had also held various other positions including that of Vice President (Financial Planning and Analysis) and Assistant Treasurer (Corporate Finance) in the airlines.
He graduated in Mathematics from St Xavier's College, University of Mumbai and has an MBA from Cornell University. Hit by higher expenses, InterGlobe Aviation saw its net profit remain flat at Rs 579.31 crore in the three months to March.
Notwithstanding nearly 15% fall in fuel costs to Rs 1,023.61, IndiGo saw its total expenses in the March quarter jump nearly 12% to Rs 3,409.86 crore. Shares of InterGlobe fell 1.75% to Rs 1,030.05 in late morning trade on the BSE.