SpiceJet Announces CFO Resignation and Deputy CFO Appointment

Struggling carrier SpiceJet announced on Tuesday that its Chief Financial Officer (CFO) Ashish Kumar has resigned from the company. Kumar's resignation comes less than two years after his appointment in September 2022.

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The airline has appointed Joyakesh Podder as the new head of finance, effective from 15 July 2024. Podder will serve as the Deputy CFO of the company. SpiceJet stated, "SpiceJet announces the appointment of Joyakesh Podder as the new Head of Finance designated as Dy Chief Financial Officer of the Company, effective from 15 July 2024. The company also announces the resignation of Ashish Kumar, who served as the Head of Finance and Chief Financial Officer."

New Leadership in Finance

Podder was offered this role in April this year and has joined SpiceJet to lead the finance department and support strategic financial initiatives. This marks his second stint at the Gurugram-based airline. A seasoned chartered accountant with over three decades of experience, Podder brings a wealth of knowledge and expertise to his new role.

SpiceJet highlighted Podder's extensive background, stating he has held various positions with companies such as Go First, Mahindra, and Reliance, as well as global consultancy firm PwC. His significant contributions span across aviation, hospitality, and telecom sectors.

Financial Performance

On Monday, SpiceJet reported a multi-fold jump in standalone profit after tax at Rs 118 crore for the March quarter of FY24. However, for the December quarter of the same fiscal year, the airline posted a loss of Rs 301.45 crore against a profit of Rs 106.82 crore in the year-ago period.

For the full fiscal year 2023-24, SpiceJet recorded a loss of Rs 409.43 crore. Despite these financial challenges, the airline is optimistic about its future under new financial leadership.

Podder's appointment is seen as a strategic move to stabilise and strengthen SpiceJet's financial health amidst ongoing challenges in the aviation industry.