Turbulence continues: Jet Airways CEO and CFO resign effective immediately

By: |
Published: May 15, 2019 2:18:56 AM

Developments come days after Etihad offered only to reinvest its minority stake in the carrier, subject to multiple conditions.

Amit Agarwal, deputy CEO and CFO and Vinay Dube, CEOAmit Agarwal, deputy CEO and CFO and Vinay Dube, CEO

Amid growing uncertainty of the airline’s future, Vinod Dube, CEO, Jet Airways, on Tuesday resigned with immediate effect, citing personal reasons. Amit Agarwal, deputy CEO and CFO of the airline, also resigned earlier in the day, the company said in exchange filings. Rahul Taneja, chief people’s officer, has also put in his papers, according to sources.

These developments come days after Abu Dhabi-based Etihad Airways offered only to reinvest its minority stake in Jet Airways, subject to multiple conditions.

“Additional suitable investors would need to provide the majority of Jet Airways’ required recapitalisation,” a spokesperson from Etihad Airways said.

A State Bank of India-led consortium of lenders had in April initiated the sale process of the troubled airline. Etihad Airways, National Infrastructure and Investment Fund, private equity firms IndiGo partners and TPG Capital were shortlisted as possible buyers. Lenders found no takers for a majority stake in the airline until May 10, when the bidding process ended.

Jet Airways has not paid any salaries to its employees since March. The airline temporarily halted operations on April 17 having failed to raise emergency funding from lenders. The civil aviation ministry allotted a significant portion of the airline’s slots in major airports to other scheduled carriers.

Dube was a senior vice-president with american carrier Delta Air Lines before joining Jet Airways in August 2017.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
12018 turns bumper year for PE with second highest investments in last decade, strong investor confidence
2Union Bank net loss widens to Rs 3,370 crore in Q4 on higher provisioning
3OnePlus 7 Pro launch in India highlights: Pop-up selfie camera, 90Hz display, and more