Top bosses quit Jet Airways, dulling prospects

NEW DELHI • Two top executives of Jet Airways India Ltd resigned this week, further diminishing prospects for the grounded carrier that is desperately seeking US$1.2 billion (RM5 billion) to fly again.

CEO Vinay Dube and CFO Amit Agarwal quit the company citing personal reasons, Jet Airways said in two separate stock exchange filings on Tuesday. While both resignations were effective immediately, the carrier didn’t name any replacements for its most high-profile employees. The airline’s company secretary and compliance officer, Kuldeep Sharma, also quit.

The departures come just days after lenders to Jet Airways, once India’s biggest airline by market value, received only one conditional bid for the company from a shortlist of potential investors.

The airline, which had a fleet of 124 as recently as January, has seen its aircraft being taken away by lessors, rivals starting flights on routes it operates and pilots looking for jobs elsewhere, after it succumbed to a fierce price war that wiped out profits and cash.

Dube, previously a senior VP at Delta Air Lines Inc, was appointed CEO two years ago, while Agarwal, a former finance head at Suzlon Energy Ltd, joined as CFO in 2015. Naresh Goyal, the founder of India’s oldest surviving private airline, also quit as chairman in March after caving in to pressure from creditors.

Jet Airways fell as much as 7% to 120 rupees as of 9:32am in Mumbai yesterday. — Bloomberg