Why EaseMyTrip’s Nishant Pitti Stepped Down as CEO, but Isn’t Stepping Away
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On January 1 this year, Indian online travel company EaseMyTrip announced a major change in leadership as co-founder Nishant Pitti resigned from the position of CEO. Back then, he cited personal reasons for stepping down. His brother Rikant Pittie, who was the chief financial officer in the company, took over the position.
In EaseMyTrip’s latest earnings call, Nishant clarified that he has not stepped away from the company and is continuing as the chairman. When questioned by investors on the leadership change, Nishant said, “I am going to take care of the international expansion of the company. For that purpose, I have to travel outside of India a lot, and that is the main reason I stepped down.”
However, he did not speak on his decision to reduce his stake in the company. He currently has a little less than 13% stake in EaseMyTrip. In September last year, he sold 13.9% stake in the company. There is also no clarity on why he earlier cited “personal reasons” as the reason for his move to step down.
For now, though, he seems to be involved in the company’s matters. The third Pitti brother, EaseMyTrip managing director Prashant Pitti said, “Nishant has not resigned from the company. He has just resigned from the CEO position and Rikant is the CEO. Nishant is a very active member at EaseMyTrip. So there is no loss of management from our side.
