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Jet Airways Chief Executive and CFO Announce Resignations
A comeback for Jet Airways looks even more unlikely as two of the carrier’s top executives announced their resignations on Tuesday.
First, chief executive Vinay Dube resigned citing personal reasons. Then, chief financial officer and deputy chief executive Amit Agarwal announced his resignation citing personal reasons as well.
The resignations, while not surprising, further hinders the chances for the carrier to resume operations after they were suspended in mid-April due after the carrier was unable to secure $1.2 billion USD in emergency funding.
Jet Airways, which was once one of India’s biggest airlines and oldest surviving private carriers, has suffered greatly over the past few months as its market value has diminished and its fleet of 124 has dwindled due to lessors reclaiming aircraft.
Abu Dhabi-based carrier Etihad, which owns a 24 percent stake in the Indian carrier, stated that it was willing to reinvest in an additional minority stake of the carrier, but only if another investor takes a majority stake in the carrier.
The carrier has only received one conditional bid to purchase the airline from its list of potential investors.
Dubey assumed the position of CEO in 2017 after previously serving as Senior Vice President of the Asia Pacific region for Delta Air Lines.
Meanwhile, Agarwal joined Jet Airways as its CFO in 2015 after leaving his role as head of finance for Suzlon Energy, an Indian wind energy firm.
Founder Naresh Goyal also stepped down as chairman of the airline in March after increasing pressure from the airline’s creditors.
No immediate successors for the roles have been named.
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