Economy

Jet Airways CEO Vinay Dube quits within hours of CFO leaving

Jet Airways CEO Vinay Dube quits within hours of CFO leaving”

Faced with salary delays and uncertainty over revival of the airline, thousand of Jet Airways employees, especially pilots and engineers, have left the company to join rival carriers.

This is the second high profile exit in as many days at the grounded Jet Airways after CFO Amit Agarwal put in his papers on Monday. Earlier on Tuesday, Amit Agarwal, Chief Financial Officer (CFO) and deputy CEO and, Rahul Taneja, Chief People Officer (CPO) resigned from the beleaguered airline.

Agarwal's resignation is effective from May 13, it said.

In a major blow to the ongoing efforts to revive cash-strapped Jet Airways, its Chief Executive Officer Vinay Dube resigned on Tuesday evening with immediate effect, according to a filing in the exchanges.

"Etihad re-emphasises that it can not be expected to be the sole investor, and that, amongst other requirements, additional suitable investors would need to provide the majority of Jet Airways' required recapitalisation", Etihad spokesperson said.

During the period Agarwal officiated the position as acting CEO.

The airline ceased operations temporarily around mid-April due to acute liquidity crisis. "Few unsolicited offers have also been received which the lenders may deliberate upon subsequently", SBI Capital Markets said.

Shares of Jet Airways Ltd. fell as much as 11.4 percent on Monday after media reports said a buyout offer from Middle Eastern carrier Etihad Airways was non-binding and might not guarantee a deal for the struggling Indian carrier.

A joint venture Indian airline can not have a foreign partner with more than 49 percent stake, as per the substantial ownership effective control (SOEC).

After the first round of bids, private equity firms IndiGo Partners and TPG, Etihad Airways and the sovereign fund NIIF were shortlisted.



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