Bharti Airtel gains 2% after Airtel Business reshuffles leadership team; CEO quits

Shares of Bharti Airtel gained 2 percent on June 27 after the company announces changes in leadership in Airtel Business, its enterprise business arm.

At 12.13 pm, the stock was trading at Rs 861.75 on the National Stock Exchange, up 1.15 percent.

Bharti Airtel, on June 26, announced changes to its leadership team in Airtel Business; Chief Executive Officer (CEO), Ajay Chitkara has decided to move out after 23 years in the company. “He will continue with the company until the third week of August 2023,” the telecom operator said in the regulatory filing.

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Going ahead, Airtel Business will operate as three business and channel segments. Global business led by Vani Venkatesh; Domestic business, led by Ganesh Lakshminarayanan; and Nxtra Data Centres, led by Ashish Arora.

Morgan Stanley acknowledges Chitkara’s departure to be significant and states that there is a leadership team already in place to ensure business continuity. It has given an overweight rating on Bharti Airtel with a target price of Rs 870 per share.

“Airtel Business is a jewel in our overall portfolio and presents an exciting growth opportunity going forward. I am looking forward to working closely with Vani, Ganesh and Ashish to help scale this business. I also want to acknowledge Ajay’s contributions,” said Gopal Vittal, MD and CEO of Bharti Airtel.

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