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India’s largest airline IndiGo has appointed company insider Kiran Thadimarri as its new Chief Financial Officer (CFO), promoting its deputy finance chief to the top role as the carrier looks to navigate rising fuel costs and a challenging operating environment.
Thadimarri will take over as CFO with effect from July 28, replacing Gaurav Negi, who has served as the airline’s finance chief since 2022. Negi will transition to the role of adviser to the Managing Director, parent company InterGlobe Aviation said in a regulatory filing on Monday.
The appointment comes just days after IndiGo reported its second consecutive quarterly loss and forecast largely flat capacity growth for the current quarter amid higher operating costs.
Who is Kiran Thadimarri?
A Chartered Accountant by profession, Thadimarri has more than 24 years of experience across corporate finance, including financial planning and analysis (FP&A), treasury, business finance, capital raising, audit, taxation, controllership and investor relations.
He currently serves as Deputy Chief Financial Officer at IndiGo and has held senior finance positions at InterGlobe Enterprises, e-commerce platform Udaan, healthcare company Genworks Health, where he was Co-founder and CFO, and spent over 13 years at General Electric (GE) in various finance leadership roles.
“Kiran Thadimarri is a Chartered Accountant and a senior finance professional with diverse experience of over 24 years,” IndiGo said in a statement.
The airline added that he has led finance functions across multiple sectors and will also assume the role of Key Managerial Personnel (KMP) from July 28.
Leadership change
The board approved Thadimarri’s appointment and Negi’s redesignation at its meeting on July 27.
Negi, who has overseen IndiGo’s finances since 2022, will continue to support the airline in an advisory capacity. The company did not provide a reason for the management reshuffle.
Pressure on airline margins
The leadership transition comes at a time when airlines are facing higher costs following the recent spike in global crude oil prices.
Last week, IndiGo projected largely flat capacity growth for the current quarter after posting a second straight quarterly loss. Carriers such as IndiGo, which do not hedge jet fuel costs, have seen margins squeezed as the Iran conflict pushed crude oil prices above $100 a barrel, raising aviation turbine fuel prices.
Despite the near-term pressure, IndiGo remains India’s largest airline by market share and continues to expand its fleet and international network.
Customs order
Separately, InterGlobe Aviation said it had received an order from the Principal Commissioner of Customs, New Delhi, relating to the classification of certain imported goods for the period between April 2020 and March 2024.
The order includes a customs duty demand along with interest and a penalty of Rs 1.14 crore. The airline said it would challenge the order before the appropriate appellate authority and does not expect it to have any material impact on its financials, operations or business activities.
