India’s leading online travel company,MakeMyTrip announced on Wednesday about the resignation of its cofounder and President Ashish Kashyap, with effect from September 30, 2017.
The MakeMyTrip Board has accepted the resignation and MakeMyTrip (India) and Ibibo Group have entered into a separation agreement with Kashyap. In a filing submitted with the US Securities and Exchange Commission this agreement provides among other things, final settlement of dues and benefits to Mr. Kashyap and certain obligations on Mr. Kashyap including Non-Solicitation and Non-Competition which shall continue until September 30, 2019.
“It’s been a decade-long journey. Post the merger, the next step was to build something new, and integrating the brand, and that has been done. The structure is set, and the business is at a high point. Therefore, the timing is just perfect,” Kashyap said.
“Ashish has made immense contribution in bringing the MakeMyTrip-ibibo deal to fruition and setting a strong foundation for the future success of the combined group. At this juncture, I respect his passion for creating and nurturing new and innovative ideas and we wish him the best for the future,”said Deep Kalra, Group Chairman and Group CEO, MakeMyTrip.
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