After helming Britannia, Varun Berry to steer Go First as Chairman
Varun Berry will be piloting Wadia Group's low-cost airline, Go First, formally known as Go Air, during a challenging time in the aviation industry such as surging fuel prices, among other factors.
Varun Berry, who turned around biscuit-maker , has now been appointed as Go First's chairman at a challenging time in the aviation industry.
As reported by The Economic Times, the development comes only a few weeks after Varun was made Wadia Group-owned Britannia's new executive vice-chairman and managing director, with Rajneet Kohli joining in as the chief executive officer (CEO).
"We see this as a clear succession planning for Britannia's new CEO Rajneet Kohli and a step up role for Varun at overall Wadia group level," said Abneesh Roy, Executive Director, Nuvama Institutional Equities.
Varun, who joined Britannia over a decade ago, turned the sluggishly growing package food company into a profitable FMCG (fast moving consumer goods) giant.
The aviation industry has been facing a downturn for more than two years now after being hit by the pandemic, and later due to surging oil prices and low market sentiments.
Go First has also deferred its initial public offering (IPO) multiple times due to weak consumer sentiment on aviation stocks. The Wadia Group-owned airline was planning on raising Rs 3,600 crore. In September, the company deferred its listing plans to November this year.