Air India's board of directors held a meeting in Mumbai on Tuesday amid a leadership transition with former Ethiopian Airlines Group chief Tewolde Gebremariam expected to formally take charge later this month. Campbell Wilson, the MD and CEO of Air India, will be stepping down from his role this month.
The board meeting was chaired by Tata Sons Chairman N Chandrasekaran. As per reports, various matters, including the salary structure of the incoming CEO, were discussed in the meeting. Sources said the board members also thanked Wilson for his contributions to the airline.
It was not known whether the board also discussed fundraising plans and financials of the airline. As per reports, Air India is seeking around $1.5 billion in fresh equity from its owners. While the Tata Group is believed to have approved a $1.1 billion infusion, Singapore Airlines is expected to contribute based on its shareholding.
The loss-making Air India has been grappling with multiple challenges, including the fatal AI171 accident in June last year that killed 260 people as well as geopolitical disruptions, airspace closures, fuel price volatility and various operational issues.
On September 7, incoming CEO and MD Tewolde Gebremariam, in his first address during a townhall, told the airline's staff that "we will Make Air India Great Again (MAGA)". He had also sought the support and cooperation of the airline's staff and called for minimising disruptions as he emphasised that operational excellence is about getting the basics right every day.
At the town hall, Chandrasekaran emphasised the need to focus on safety and build a stronger culture of cost consciousness. Tata Group took over Air India from the government in January 2022, and later Singapore Airlines acquired a 25.1% stake in the airline.