NEW DELHI: WADIA-family owned GoAir is heading into a key management change after Jeh Wadia resigned from the post of managing director after serving in the role for three years. However, he will continue to be the promoter of the company.
Aviation veteran Ben Baldanza, who has been a director in the company since 2019, has been appointed as Vice-Chairman of the GoAir board. “With the goal of taking GoAir to its next phase of growth, the promoters of the company and its Board came together to formulate a long-term plan.
Amongst other initiatives, a key element of this plan, forged over weeks of discussions and consultation, was to further strengthen the management of the company by bringing on-board proven industry professionals, a strategy that has worked well for the group in its other ventures including Britannia,” it said.
The change comes at a time when GoAir is going through a financial crisis. Hit hard by the Covid-19 pandemic, auditors and travel agents had previously raised concerns on GoAir’s ability to remain a going concern.
According to regulatory filings, GoAir had a negative net worth of Rs 1,500.98 crore during FY20, and its current liabilities exceeded its current assets by Rs 3,333.53 crore. Baldanza has previously worked in airlines such as American Airlines, Northwest Airlines, and Continental Airlines, before becoming the CEO of Spirit Airlines in 2006.