Online travel company MakeMyTrip Limited has announced the resignation of its President Ashish Kashyap, with effect from September 30, 2017.
Kashyap was founder and CEO of ibibo Group, who joined MakeMyTrip’s executive team as President of the organization at the time of the MakeMyTrip and ibibo merger last year. Kashyap said in a statement said that the merger with MakeMyTrip this year is one of his proudest moments, and he will be spending more of his time in creating new opportunities.
The company’s separation agreement with Kashyap provides final settlement of dues and benefits and certain obligations including Non-Solicitation and Non-Competition which shall continue until September 30, 2019, which means that Kashyap will not be a part of MakeMyTrip’s competition in any form for two years.
MakeMyTrip high personnel expenses
The Online travel company reported a net loss of $68.45 million for the quarter ended June 30 (Q1 FY2018). Losses widened from $14.31 million from the same quarter. The company had said that the personnel expenses shot up by 126.3% to $29.8 million in the quarter from $13.1 million in the same quarter last year, due to higher share-based compensation costs and the consolidation of the ibibo acquisition.
MakeMyTrip had also said in its financial disclosure that “primary drivers of this year on year increase include significant customer inducement and acquisition programs expenses incurred to accelerate growth in our standalone hotel booking business and increases in brand advertisement expenses that was incurred in the quarter ended June 30, 2017 and the consolidation of marketing and sales promotion expenses of the ibibo Group”.