Mumbai: Raymond Bickson, who joined Indian Hotels Company Ltd (IHCL) as executive director in December 2002, will be the company''s new managing director, effective 19 July 2003. He takes over from R K Krishna Kumar, who moves on to be IHCL''s non-executive vice-chairman, in line with Tata group policies.

Bickson, having 30 years of hoteliering experience, was earlier general manager of the Mark in New York, now owned by the Mandarin Oriental Hotel group. "The Taj is at an inflection point, poised to take off into new spheres, and Bickson is the right person to be at the helm," says Kumar.

For 2002-03, IHCL reported a profit after tax (PAT) of Rs 40.48 crore on a Rs 590.64-crore total income (Rs 538.16 crore in FY02). FY02 results included revenue from its air-catering business and the Rs 88.99-crore profit from transferring it to Singapore Airport Terminal Services (SATS) as a joint venture.

Against commensurately adjusted FY02 figures, the FY03 operating profit was up 49 per cent to Rs 39.22 crore (Rs 26.26 crore). The company''s board had recommended a 70-per cent dividend. IHCL''s consolidated FY03 income was Rs 904.56 crore with a PAT of Rs 28.07 crore.