Aditya Ghosh stepped down as chief executive officer for India and South Asia at Oyo Homes & Hotels and, instead, joined the board of the hospitality company.
Rohit Kapoor, CEO of new real estate businesses, will replace Ghosh as the head of India and South Asia business, Oyo said in a statement.
Ghosh joins the board that includes Betsy Atkins, founder and CEO at Baja Corporation; Munish Varma, managing partner at SoftBank Vision Fund; and Bejul Somaia, partner at Lightspeed Venture Partners.
In the year through March 2019, Oyo suffered a net loss of $332 million on revenue of $900 million. At the time of his appointment in November last year, Ghosh, former CEO at IndiGo's parent, was expected to steer the company towards profitability.
“When Ghosh Joined Oyo, he was seen as someone who has built a low-cost airline (IndiGo) in India and scale and that's what was needed at Oyo as well,” Satish Meena, senior forecast analyst at Forrester Research. “It is surprising to see his step-down as CEO in just about a year.”
Also Read: Aditya Ghosh Wants To Do A IndiGo At Oyo
Watch Ghosh and Oyo founder Ritesh Agarwal talk to BloombergQuint here.
Oyo said his appointment to the board is part of its effort to strengthen its corporate governance. It recently appointed Atkins, who has previously invested in Yahoo and eBay, as an independent director.
“In his new role at the board, Aditya will provide strength of governance and leadership as Oyo evolves into a truly global high performing company that scales sustainably on the path to profitability with higher expectations from consumers, asset owners, investors and employees,” Oyo said in the statement.
Also Read: The Books Aditya Ghosh Draws His Inspiration From
He will focus on areas such as safety and security, customer experience, corporate governance, revenue management and stakeholder communications, it said.
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