Easy Trip Planners, the parent company of online travel booking platform EaseMyTrip, announced the resignation of its CEO Nishant Pitti on Wednesday, adding that Pitti was stepping down for personal reasons.
Nishant’s brother and the company’s CFO, Rikant Pittie, has been appointed the new CEO, effective January 1.
The announcement came a day after Nishant sold a 1.4% stake in the company for Rs 78 crore. In September 2023, he had sold another 14% stake for Rs 920 crore.
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Currently, he holds 12.8% of the company. Nishant may sell the remaining stake soon as he looks to exit the company completely, said a person familiar with the matter.
Nishant had earlier bid for the beleaguered airline GoAir in his personal capacity. He led a consortium, which included SpiceJet MD Ajay Singh, to revive the now-defunct airline via their joint venture Busy Bee Aviation.
However, he withdrew the bid in May.
He has also produced several Bollywood movies as a branding initiative for the company. These include Taish, Fanney Khan, Guest iin London, Freaky Ali and Madaari.
Now, the combined promoter stake in Easy Trip Planners has declined to 48.97% from 50.38%. Brothers Nishant, Rikant and Prashant Pitti are the promoters of the company. Prashant is the MD.
The trio had founded the company in 2008 in New Delhi, which went public in 2021.
Rikant is a graduate from Kurukshetra University, Ambala, and was first appointed to the board of Easy Trip in August 2011. According to the company, his last drawn remuneration is Rs 96 lakh per annum.
Currently, he holds close to 26% stake in the company. Prashant holds around another 10%.
During the earnings call after the second quarter’s results this year, Prashant had said that the promoter family is “very committed” to the company.
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“As a promoter family, we are still very, very committed to the company. Most of the internet company founders, they only have 2% to 10% of the shareholding in their company, while we still enjoy the majority, more than 50%,” he said.
“There were some requirements on the basis of which we did sell some blocks of our own.
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