Rakesh Gangwal

Rakesh Gangwal
Born (1953-07-25) 25 July 1953 (age 71)
Kolkata, West Bengal, India
CitizenshipAmerican[1]
Education
OccupationBusinessman
Known forCo-founder and owner of IndiGo, Chair of Southwest Airlines
SpouseMarried
Children1

Rakesh Gangwal (born July 1953) is an Indian-American billionaire businessman. He is the co-founder IndiGo Airlines alongside Rahul Bhatia.[2] He is the former chief executive officer (CEO) and chairman of US Airways Group. From June 2003 to August 2007, Gangwal was the chairman, president, and chief executive officer of Worldspan Technologies, a provider of travel technology and information services to the travel and transportation industry. From 2002 to 2003, Gangwal was involved in various personal business endeavors, including private equity projects and consulting projects. He was the president and CEO of US Airways Group from 1998 until his resignation in 2001.[3][4] In November 2024, Gangwal was appointed chair of the Southwest Airlines corporate board.[5][6]

Early life

Gangwal was born in July 1953 in a Marwari Jain family based in Kolkata, India.[7][8][9][10] He attended Don Bosco (Park Circus) before earning a bachelor's degree in Mechanical Engineering from the Indian Institute of Technology Kanpur in 1975, and an MBA degree from the Wharton School of the University of Pennsylvania.[1]

Career

After completing his bachelors degree from IIT Kanpur at the age of 23, Gangwal moved to the United States in 1977.[11] His association with the airline industry began in September 1980, when, as an associate of Booz Allen & Hamilton, Inc, he worked closely with United Airlines.[12] In 1984, Gangwal joined United Airlines as the manager for strategic planning. He held a series of positions at United Airlines.[13]

Prior to joining US Airways, Gangwal served as executive vice president for Air France beginning in November 1994. Previously, Gangwal had been a financial analyst in the product development group of Ford Motor Co and a production and planning engineer with Philips India Ltd.[14][15]

Gangwal has served on the board of advisers of the University of Colorado (Denver), the board of trustees of Providence St. Mel School (Chicago), the Board of Directors of the Airline Tariff Publishing Co. and Board of Trustees of the Alexian Brothers Medical Center (Elk Grove, Illinois, USA). Gangwal was conferred with the Distinguished Alumnus Award of the Indian Institute of Technology Kanpur.[16]

In April 2022, Gangwal donated a sum of ₹100 crore to set up a school of medical sciences and technology at IIT-Kanpur, which also received another ₹200 crore in donations from other alumni for the medical institution. The facility was planned to have a 450-bed super speciality hospital and several centers of excellence.[17]

In 2020, Gangwal was ranked 359th on the Forbes 400 list of the richest people in America.[18]

In July 2024, Gangwal joined the board of Southwest Airlines,[19] later buying approximately US$108 million worth of shares of the airline.[20]

As of 30 September 2024, Gangwal and his family Trust (The Chinkerpoo Family Trust), with trustees Shobha Gangwal and JP Morgan Trust Company of Delaware held around 5.31 percent and 8.23 percent stake in Indigo Airlines respectively.[21][22][23]

In November 2024, as part of its settlement with Elliott Investment Management, an activist investment fund, Southwest Airlines appointed Gangwal as chair of its corporate board.[5][6]

Personal life

Gangwal is married with one daughter and lives in Miami, Florida.[1] His daughter, Parul, worked for the enterprise software company Salesforce in California.[1] She later launched her own start-up, Minnesota-based Wheelhouse Capital, in June 2021.

References

  1. ^ a b c d "Forbes profile: Rakesh Gangwal". Forbes. Retrieved 21 October 2020.
  2. ^ "IndiGo Success Story: How Friendship Gave Birth To Indias Most Successful Airline - An Inspiring Tale Of Two Friends". Zee News. Retrieved 3 November 2024.
  3. ^ "Sheikha Mozah Bint Nasser Al-Missned". Archived from the original on 16 June 2009.
  4. ^ "Gangwal exits US Airways". www.post-gazette.com.
  5. ^ a b "Southwest names aviation veteran Gangwal as board chairperson". Reuters. 4 November 2024. Retrieved 8 November 2024.
  6. ^ a b "Southwest Airlines Names Rakesh Gangwal Chair Of The Board And Announces New Committee Chairs". AVIATOR. 4 November 2024. Retrieved 8 November 2024.
  7. ^ "Business Standard: Who is Rakesh Gangwal".
  8. ^ "Rakesh GANGWAL personal appointments - Find and update company information - GOV.UK". find-and-update.company-information.service.gov.uk. Retrieved 3 November 2024.
  9. ^ "Livemint.com: Rakesh Gangwal: the airline industry disciplinarian behind IndiGo's runaway success".
  10. ^ "Bloomberg Billionaires Index". Bloomberg.com. 3 November 2024. Retrieved 3 November 2024.
  11. ^ "Rakesh Gangwal". www.iitk.ac.in. Retrieved 4 October 2024.
  12. ^ "Rakesh Gangwal & Rahul Bhatia: How two friends built India's most successful airline and then split ways". The Economic Times. 16 August 2023. ISSN 0013-0389. Retrieved 3 November 2024.
  13. ^ "Mr Rakesh Gangwal". www.iitk.ac.in. Retrieved 3 November 2024.
  14. ^ "Mr Rakesh Gangwal". www.iitk.ac.in. Retrieved 3 November 2024.
  15. ^ "Good returns.in: Rakesh Gangwal: Net Worth & Biography".
  16. ^ Kiran. "Distinguished Alumni". www.iitk.ac.in. Retrieved 5 July 2018.
  17. ^ Verma, Prachi. "IndiGo cofounder Rakesh Gangwal donates ₹100 crore to IIT-Kanpur". Economic Times.
  18. ^ "Rakesh Gangwal". Forbes. Retrieved 21 October 2020.
  19. ^ "Southwest Air Rises After Billionaire Gangwal Buys $108 Million of Shares". Yahoo Finance. 3 October 2024. Retrieved 4 October 2024.
  20. ^ "Rakesh Gangwal buys $108 million of shares in Southwest Airlines". Money control. 4 October 2024. Retrieved 4 October 2024.
  21. ^ "Goindigo.in: Shareholding Pattern".
  22. ^ "Interglobe Aviation Ltd share price | About Interglobe Aviat | Key Insights - Screener". www.screener.in. Retrieved 3 November 2024.
  23. ^ "InterGlobe Aviation Ltd. Latest Shareholding Pattern – Promoter, FII, DII, Mutual Fund. Who owns, bought or sold InterGlobe Aviation Ltd. Shares?". Trendlyne.com. Retrieved 3 November 2024.

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