Byju's-owned Aakash Educational Services Ltd. has formed an executive committee to look for a new chief executive officer.
Former CEO Abhishek Maheshwari exited the company after serving the notice period, while Chief Financial Officer Vipan Joshi is on his way out of the test preparation giant as well, according to people familiar with the matter.
A new committee involving Byju's founder Byju Raveendran, Group CFO Ajay Goel, Aakash's Chief Business Officer Anup Kumar Agrawal and Aakash's Chief Human Resources Officer Sachin Saxena has been set up to identify a new CEO for Aakash, according to the person in the know.
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The development was first reported by The Economic Times.
Earlier this month, Aakash Educational Services Ltd. had reworked its board amid debt covenant talks with hedge fund Davidson Kempner Capital Management. Three Byju's nominees and two independent directors were added to the board.
This top management rejig comes about four months after the board of Byju's approved the initial public offering of Aakash to be launched by the middle of next year.
The exits at Aakash are inline with the exodus at Byju's. The edtech giant's Chief Business Officer Pratyusha Agarwal, Mukut Deepak, business head for Byju's Class 4-10 school segment and Himanshu Bajaj, head of Byju's Tuition Centers business have also resigned from the company. Senior Vice President Cherian Thomas has also exited, while WhiteHat Jr. CEO Ananya Tripathi has also quit.
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