InterGlobe Aviation, the parent of IndiGo, on Monday appointed Kiran Thadimarri as its new Chief Financial Officer (CFO), replacing Gaurav Negi, who has been re-designated as Advisor to the Managing Director of IndiGo Rahul Bhatia.

The company’s board approved the leadership changes at its meeting on Monday. Negi will step down as CFO at the close of business hours on July 27 and assume his new role as advisor to the Managing Director. Thadimarri, currently serving as Deputy Chief Financial Officer, will take over as CFO and Key Managerial Personnel with effect from July 28, the company said in regulatory filing.

The IndiGo did not specify the reason for the management reshuffle beyond stating that Negi was being transitioned to the advisor’s role and that Thadimarri was being elevated from Deputy CFO.

Thadimarri is a Chartered Accountant with more than 24 years of experience across finance, including controllership, financial planning and analysis (FP&A), business finance, treasury, capital raising, audit, taxation and investor relations.

Before joining IndiGo, he held leadership positions at InterGlobe Enterprises, business-to-business ecommerce platform Udaan, where he served as finance leader, Genworks Health as co-founder and CFO, and spent over 13 years at General Electric Company.

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Gaurav also has more than two decades of diverse exposure in the field of Finance, Corporate Governance and Business Operations. Prior to joining IndiGo, Gaurav spent twenty-two years with General Electric Company, where he was part of their Global Leadership programs in Finance and Executive management.

In his last role with GE, Gaurav was the CFO for GE Renewable Onshore Wind covering Asia Pacific Region. Prior to that he held the position of Whole Time Director & CFO of GE T&D India, a Public Listed Company in Transmission & Distribution, where he was a member of the Board and various committees of Audit, Risk Management, Stakeholder Relationship and CSR.

Gaurav has also been the CFO for GE Healthcare and GE NBCU, both Joint Ventures, with Wipro and NDTV, respectively. Gaurav was part of GE Corporate Global Leadership program in Finance and Corporate Audit Staff and started his career with GE Capital in CT, USA.

The appointment comes days after IndiGo reported a consolidated net loss of ₹238 crore for the June quarter, as higher aviation turbine fuel prices, rupee depreciation and disruptions in West Asia offset strong revenue growth.

Separately, the airline informed stock exchanges that it had received an order from the Principal Commissioner of Customs, New Delhi, confirming a demand based on a revised classification of imported goods for the period between April 2020 and March 2024. The order also imposes a penalty of ₹1.14 crore.

IndiGo said it believes it had correctly classified the imported goods and paid the applicable customs duty, adding that its position is supported by advice from external advisors. The company said it will contest the order before the appropriate appellate authority and pursue all available legal remedies.

The airline also stated that it does not expect the customs order to have any significant impact on its financials, operations or other business activities.