Yatra Online, Inc. Appoints Roshan Mendis to Board of Directors | 2022-01-19 | Press Releases
Reaching an agreement with Maguire Investment Trust
Gurugram, India and New York, New York–(Newsfile Corp. – January 19, 2022) – Yatra Online, Inc. (NASDAQ: YTRA), India’s leading business travel services provider and one of India’s leading online travel companies, today announced that it has entered into a cooperation agreement with Maguire Investment Trust (“Maguire Investment”), which owns 7.4% of the outstanding common shares of the Company. As part of the agreement, Roshan Mendis will join Yatra’s board of directors (the “board”) as an independent director, effective January 17, 2022. The company also announced that Sean Aggarwal will step down from the board. from January 18 due to other pressing issues. commitments. Mr. Aggarwal has been a valued Board member since March 2018 and has served on numerous committees during his tenure. His retirement is not the result of a disagreement with the Company or any of its affiliates on any matter relating to the business, policies or practices of the Company.
Mr. Mendis brings more than 20 years of travel technology experience to Yatra’s Board of Directors. He is currently Commercial Director of Saber Travel Network. Previously, he was President of Travelocity and Zuji, two consumer-facing brands that were part of the Saber portfolio.
“We are delighted to enter into this agreement with Maguire Investment and to further strengthen our Board of Directors with the addition of Roshan,” said Yatra Chairman of the Board, Muralidhara Kadaba. “Roshan brings significant operational and leadership expertise in the travel industry that will complement the significant experience already present on our Board of Directors and we look forward to benefiting from Roshan’s insights as Yatra continues. to execute its strategies to create long-term shareholder value. On behalf of the Board, I would also like to thank Sean Aggarwal for his many contributions as a non-executive director and wish him well.”
Yatra CEO Dhruv Shringi said, “I look forward to working with Roshan and the other directors on our board as we continue to advance our multi-channel strategy and deliver results for shareholders. poised to capitalize on the accelerated consumer shift to online travel booking and well positioned to deliver post-pandemic growth and profitability. »
Tim Maguire, Managing Partner at Maguire Asset Management, said, “Roshan is a recognized leader in the travel industry who will bring valuable expertise to Yatra’s Board of Directors. We are delighted to reach this constructive resolution with the company, and we are confident that these changes will help pursue our common goal of creating long-term shareholder value. We are excited about Yatra’s future.
Under the terms of the cooperation agreement, Maguire Investment has also agreed to abide by certain customary standstill and voting provisions for a period of 18 months from the date the agreement was signed. The complete agreement will be filed on a Form 6-K by the Company with the United States Securities and Exchange Commission (“SEC”).
About Roshan Mendis
Roshan Mendis is Chief Commercial Officer and Executive Vice President, Travel Solutions at Saber. Based in London, Mr. Mendis is responsible for overseeing global business operations and business development for Saber’s portfolio of Travel Solutions clients – encompassing both agency and airline sales.
In his previous role as Chief Commercial Officer for Travel Network, Mr. Mendis built and developed a strong global team that oversaw sales activities for Saber’s global agency clientele.
Previously, he also led the successful integration of Abacus, a leading GDS in the Asia-Pacific region, which Saber acquired in 2015. Under his leadership, Saber’s business in the region grew significantly through winning and renewing strategic customers.
Prior to his leadership position at Travel Network, Mr. Mendis served as President of Travelocity and Zuji, two consumer-facing brands that were part of the Saber portfolio.
Originally from Sri Lanka, Mr. Mendis completed his undergraduate studies at Chaminade University in Honolulu and the University of Cambridge (UK). He then earned his MBA from Rice University in Houston, Texas.
About Yatra Online, Inc.
Yatra Online, Inc. is the ultimate parent company of Yatra Online Limited (formerly known as Yatra Online Private Limited) headquartered in Gurugram, India and is the leading business travel service provider in India with over 700 large corporate clients and one of the leading online travel agencies and operates the website https://www.yatra.com/. The Company provides information, rates, availability and reservation services for domestic and international air travel, domestic and international hotel reservations, vacation packages, buses, trains, city activities, taxis long distance and point-to-point, homestays and cruises. . With approximately 94,000 hotels and homestays under contract in approximately 1,400 cities across India as well as over 2 million hotels globally, the company is India’s largest platform for domestic hotels . The company recently launched a freight forwarding business called Yatra Freight to further expand its business services offering.
About Maguire Asset Management
Maguire Asset Management is a value-oriented investment firm focused on creating long-term shareholder value by engaging constructively with managements and boards of undervalued public companies.
Safe Harbor Statement
This press release contains certain forward-looking statements, as defined in the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the Company’s current expectations, assumptions, estimates and projections regarding the society and its industry. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “anticipate”, “believe”, “estimate”, “expect”, “intend”, “will”, “project,” “seek,” “should,” and similar expressions. Such statements include, among other things, management’s beliefs, our strategic and operating plans, and our response to the letter to shareholders of Maguire Asset Management, LLC. forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the outcome legal proceedings that we have brought against Ebix and any other legal proceedings that may be brought against us and others, in connection with the termination of the agreement of ongoing merger between us and Ebix; the effect that the termination of the merger agreement may have on the price of our common stock, our business, our financial condition and our results of operations; the impact of the COVID-19 pandemic; our ability to generate positive cash flow and the sufficiency of our operating cash flow to meet our liquidity needs; our future financial performance, including our revenues, cost of revenues, operating expenses and our ability to achieve and maintain profitability; the impact of increasing competition in the Indian travel industry and our expectations regarding the development of our industry and the competitive environment in which we operate; slowing Indian economic growth and other declines or disruptions to the Indian economy in general and the travel industry in particular, including disruptions caused by security issues, terrorist attacks, regional conflicts, pandemics and natural calamities, our ability to successfully negotiate our contracts with airline suppliers and global distribution system service providers and mitigate any negative impact on our revenues resulting from the reduction of commissions, incentive payments and fees that we receive; the risk that airline suppliers (including our GDS service providers) reduce or eliminate the commissions and other fees they pay to us for the sale of airline tickets; our ability to pursue strategic partnerships and the risks associated with our business partners; the potential impact of recent developments in the Indian travel industry on our profitability and financial condition; political and economic stability in and around India and other key travel destinations; our ability to maintain and increase our brand awareness; our ability to realize the anticipated benefits of any past or future acquisitions; our ability to successfully implement our growth strategy; our ability to attract, develop and retain executives and other qualified employees, including suitable replacements for any member of our management team or other employees who may seek other employment opportunities as a result of certain cost reduction initiatives we have taken in response to the COVID-19 pandemic; shareholder activist actions; and our ability to successfully implement any new business initiative. These and other factors are discussed in our reports filed with the United States Securities and Exchange Commission. All information provided in this press release is provided as of the date of this press release, and we undertake no obligation to update any forward-looking statements except as required by applicable law.
For more information please contact:
Yatra Online, Inc.
Vice President, Head of Corporate Development and Investor Relations
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