Doomsday for JET Airways as CEO, CFO and Chief People Officer quit

Doomsday for JET Airways as CEO, CFO and Chief People Officer quit

jet airways
Written by Sourav
[email protected] | | Published on: May-15-2019 08:26 AM

A difficult time for Jet Airways continuous. The Airlines informed that CEO Vinay Dube has resigned with immediate effect due to his personal reasons.

“We wish to inform you that Mr Vinay Dube, Chief Executive Officer of the Company, vide his letter dated 14 May 2019, has resigned from the services of the company with immediate effect due to personal reasons,” Jet Airways said in a communication to stock exchanges.

Vinay Dube has joined Jet Airways in August 2017, previously Dube had varied roles at Sabre, Delta Airlines Inc and American Airlines. Before Jet Airways, Vinay Dube was the senior vice president for the Asia Pacific at Delta Airlines.

On Tuesdays, the company say three top-level exits- CEO Vinay Dube, CFO Amit Agarwal and Cheif People Officer Rahul Tanjea.

Customers and several interested parties who were interested that how many people would submit a bid on 10 May, 2019 as Jet Airways had owed $1.2 billion dollars  to the banks.

TPG, Indigo partners, Etihad Airways and NIIF were interested parties who qualified for the bids.

Jet Airways

Image Source: The National

Out of the four, Etihads bid to invest came as a relief to everyone. But Etihad Airways’ statement released on Friday evening may have some clues. Etihad said, “Etihad Airways today confirmed its interest to re-invest in a minority stake in India’s Jet Airways, subject to conditions. Etihad re-emphasizes that it cannot 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 recapitalization.”

From the sources, Etihad Airways agreed to invest in Jet Airways and said it would not invest more than Rs 1,700 crore, a fraction of what Jet Airways required to revive. Due to this lenders now have to look for fresh investors for the airlines.

Jet Airways Stopped its operations on April 17, lack of cash to stay afloat and failing to raise more funds. The acute crunch has seen a slew of its top executives and also board members left the airlines in recent months.  

Moreover, In April former chief election commissioner, Nasim Zaidi also quit his position as a non-executive and non-independent director. The board stated ‘Personal reasons’ and ‘time constraints’.

From Reports independent director Rajshreee pathy also quit after founder Naresh Goyal and his wife Anita Goyal quit the Airlines board. And also Gaurang Shetty also left the company from airline’s board of directors.

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