Why SpiceJet lost its CEO

A day after SpiceJet Chief Executive Officer Neil Mills put in his papers, a number of reasons have emerged for his exit.

According to industry sources, it was differences between Mills and the airline’s promoter Kalanithi Maran, on the poor earnings in the last fiscal when SpiceJet posted a loss of Rs 191 crore, which led him to quit.

The poor performance was attributed to the ‘fire sale’ (cheap ticket scheme) that Mills had spearheaded in January.

During the offer, flight tickets were sold at as low as Rs 2,000. The airline had sold 10 lakh tickets under the offer.

Industry watchers say that the sale was one of the main reasons for a rift between Mills and the promoters.

Full report here Business Line


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