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IndiGo CEO Pieter Elbers steps down; Rahul Bhatia steps in as interim boss
Leadership change follows flight disruption crisis and regulatory scrutiny
Pieter Elbers has exited the cockpit at IndiGo. The chief executive of India’s largest airline stepped down at the close of business on March 10, 2026, triggering a swift leadership reshuffle at the country’s dominant carrier.
Rahul Bhatia, managing director of IndiGo’s parent InterGlobe Aviation, will temporarily oversee the airline’s operations and management while the board considers its next leadership move.
Elbers, who joined IndiGo in 2022 after a long stint at KLM Royal Dutch Airlines, was brought in to steer the airline through its next phase of international expansion and operational scale. His departure comes after a turbulent few months for the carrier.
In late 2025, IndiGo faced sharp criticism after cancelling more than 500 flights on November 5 and another 650 on November 7, leaving thousands of passengers stranded across India during peak travel season. The disruptions triggered regulatory scrutiny, with the Directorate General of Civil Aviation issuing a show-cause notice and later imposing a Rs 22 crore penalty linked to crew roster failures.
A subsequent inquiry found the airline had over-optimised operations, relied heavily on crew repositioning and tail swaps, and failed to maintain adequate operational buffers under new pilot rest rules.
In an internal message to employees following Elbers’ resignation, Bhatia struck a reassuring tone. Referencing the popular film phrase “Main hoon na”, he told staff he would stand with them as the airline worked to restore operational stability after the crisis.
“What happened last December should never have taken place,” Bhatia wrote, acknowledging the strain the disruptions placed on frontline employees.
Despite the turbulence, IndiGo remains firmly in command of India’s skies. The airline continues to hold more than 60 per cent of the domestic market, far ahead of its rivals.
Financially, however, the ride has been bumpier. In the December quarter, IndiGo’s consolidated profit plunged 77.55 per cent year-on-year to Rs 549.8 crore, down from Rs 2,448.8 crore a year earlier, even as revenue from operations rose 6.2 per cent to Rs 23,471.9 crore.
Elbers leaves behind a carrier that still dominates India’s aviation market—but one that has recently been reminded how quickly turbulence can hit even the strongest flyers.
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YES Bank hands the keys to SBI veteran Vinay Tonse as it bets on a new era
Former SBI managing director appointed as YES Bank’s new MD and CEO
MUMBAI: YES Bank is done rebuilding. Now it wants to grow. The private sector lender has appointed Vinay Muralidhar Tonse as managing director and chief executive officer-designate, with RBI approval secured and a start date of April 6, 2026 confirmed. The three-year term signals the bank’s intent to shift gears from crisis recovery to full-throttle expansion.
Tonse, 60, is no stranger to scale. Most recently managing director at State Bank of India, he oversaw a retail book of roughly $800bn in deposits and advances, one of the largest in the country. Before that, he ran SBI Mutual Fund from August 2020 to December 2022, a stint that saw assets under management surge from Rs 4.32 lakh crore to Rs 7.32 lakh crore across market cycles. Add stints in Singapore and four years leading SBI’s overseas operations in Osaka, and the incoming chief arrives with a genuinely global CV.
His academic grounding is equally solid: a commerce degree from St Joseph’s College of Commerce, Bengaluru, and a master’s in commerce from Bangalore University.
The appointment follows an extensive search and evaluation process by the bank’s Nomination and Remuneration Committee. NRC chairperson Nandita Gurjar said the committee unanimously backed Tonse, citing his leadership track record, governance credentials and ability to drive the bank’s next phase of transformation.
Non-executive chairman Rama Subramaniam Gandhi was unequivocal. “I am certain that Vinay Tonse, with his vast experience as a senior banker, will propel YES Bank to its next phase of growth,” Gandhi said, adding that the bank remains focused on strengthening its retail and corporate banking franchises and expanding its branch network.
Rajeev Kannan, non-executive director and senior executive at Sumitomo Mitsui Banking Corporation, the bank’s largest shareholder, said Tonse’s experience across retail, corporate banking, global markets and asset management positioned him well to lead the lender. SMBC said it looks forward to working with Tonse and the board as YES Bank pursues its ambition of becoming a top-tier private sector lender anchored in strong governance and sustainable growth.
Tonse succeeds Prashant Kumar, who took the helm in March 2020 when YES Bank was in freefall following a severe financial crisis, and spent six years painstakingly stabilising the institution, rebuilding governance and restoring operational scale. Gandhi was generous: “The bank remains indebted to Prashant Kumar, who is responsible for much of what a strong financial powerhouse YES Bank is today.”
Tonse, for his part, struck a purposeful note. “Together with the board and my colleagues, I remain deeply committed to creating long-term value for all our stakeholders,” he said, pledging to build on Kumar’s foundation guided by his personal motto: Make A Difference.
Beyond the balance sheet, Tonse played cricket at college and club level and represented Karnataka in archery at the national championships — sports he credits with teaching him teamwork, situational leadership, discipline and focus. In quieter moments, he reaches for retro Kannada music, classic Hindi songs, and the crooning of Engelbert Humperdinck, Mukesh and Kishore Kumar.
YES Bank has its steady-handed rebuilder in Kumar to thank for survival. Now it has a scale-obsessed growth banker at the wheel. The next chapter starts April 6.
