Shares of InterGlobe Aviation, which runs India’s largest airline IndiGo, rose more than 9% Wednesday, a day after it named industry veteran William Walsh as its new chief executive.
Walsh, 64, is currently the director general of the International Air Transport Association and will join the Indian airline in early August. Walsh has served as the CEO of British Airways.
His appointment comes weeks after Pieter Elbers suddenly stepped down as IndiGo’s top boss following scrutiny over the carrier’s failure to plan properly for pilot rest and duty rules, which led to thousands of flight cancellations in December. Elbers exited the company last month, citing “personal reasons.”
Indian airline companies have been particularly affected due to the airspace disruptions caused by the Middle East conflict.
On March 18, Moody’s-backed Indian rating agency ICRA placed IndiGo’s long-term credit rating “on Watch with Negative Implications” owing to the “expected pressure on the airline’s operating and financial performance arising from the escalation of the geopolitical conflict in West Asia.”
