Ibibo Group founder Ashish Kashyap stepped down as president of online travel services provider MakeMyTrip Ltd. nearly a year after his company was acquired by the larger rival.
The company's board has accepted the resignation and it will come into effect from September 30, Nasdaq-listed MakeMyTrip said in an exchange filing to the U.S. Securities and Exchange Commission late on Wednesday.
As part of an agreement with MakeMyTrip and Ibibo Group, Kashyap had agreed to non-compete and non-solicitation obligations for one year, the company said. Gurugram-based Makemytrip had acquired the Ibibo Group in October last year.
“The merger with MakeMyTrip is one of my proudest moments, and I look forward to seeing their continued success,” the statement quoted Kashyap as saying. “At the same time, I am extremely excited to be spending more of my time creating new opportunities,” he said.
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