Easy Trip Planners Ltd., the parent company of online travel site EaseMyTrip, announced on Wednesday that its chief executive officer and one of the founders, Nishant Pitti, has resigned effective January 1, citing personal reasons.
The company’s board of directors has approved the appointment of Nishant’s younger brother, Rikanth Pitti, the company’s CFO, as its new CEO with immediate effect, according to an exchange filing.
On December 31, Easy Trip promoter Nishant Pitti sold 1.4% stake in the company for Rs 7,832 crore through an open market transaction. He sold 4.99 billion shares, representing 1.41% of the company’s stock, according to bulk trading data available on the National Stock Exchange. After this transaction, Pitti’s stake in Easy Trip decreased to 12.8% and the promoter’s total holding decreased from 50.38% to 48.97%.
In early September, Nishant Pitti sold a 14% stake in the company, raising Rs 920 crore through an open market transaction.
EaseMyTrip, operated by Easy Trip Planners, was founded in 2008 by Nishant Pitti, Rikanth Pitti, and Prashant Pitti. The company has made some notable moves in recent months. In October, the board of directors approved the issuance of bonus shares in a 1:1 ratio. The following month, the company launched EMT Desk, an all-in-one platform aimed at transforming corporate travel.
Rikanto Pitti co-founded EaseMyTrip in 2008 and played a key role in its growth and success. With over 16 years of experience in the travel and tourism industry, Rikanto has a deep understanding of market trends and customer needs and is well-positioned to lead the company to its next stage.
