Air India has announced that Sanjay Sharma will be its new Chief Financial Officer (CFO) starting June 10, following the retirement of Vinod Hejmadi, who served the airline for over 30 years.
Sanjay Sharma, who will report to Air India’s CEO and Managing Director Campbell Wilson, has more than 30 years of experience in corporate finance, investment banking, and real estate. He is joining Air India from Tata Projects Limited, where he was also the CFO. Before that, he held CFO roles at Tata Realty Infrastructure Limited and was the Managing Director and Head of Equity Capital Markets at Deutsche Bank Group. He also worked at DSP Merrill Lynch Limited in Mumbai and Merrill Lynch Asia Pacific in Hong Kong.
“We are excited to have Sanjay join our leadership team and look forward to his contributions to Air India’s transformation. We also thank Vinod for his long service and his role in the airline’s transition to private ownership,” said Campbell Wilson, CEO and MD of Air India.
In January 2022, Tata Group took over Air India from the government, aiming to revive the struggling airline. Since then, Air India has expanded its operations and implemented significant changes.
Air India’s Merger and Transformation
Sanjay Sharma will take over as the CFO while Air India is undergoing major changes. Tata Group is merging its four airlines: Vistara (which is partly owned with Singapore Airlines) and Air India into a full-service carrier, and Air India Express with AIX Connect into a low-cost airline.
Since Tata took control of Air India, the airline has expanded and made significant changes. The biggest challenge has been transforming the airline’s work culture and improving its performance, which has been poor for decades. This process will take time despite high expectations for a quick turnaround.
Air India Salary Increases
On May 23, Air India announced annual salary increases for its staff and introduced an annual performance bonus for pilots. This is the first salary review since Tata Group took over the airline. The salary increase is for the fiscal year 2023-24, and the performance bonus, based on company and individual performance, will start in the fiscal year 2024-25.
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