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Jet Airways' CEO, 3 Others From Top Management Quit In Less Than 24 Hours

The change in Jet Airways' top management comes at a time the now-grounded airline owes money to lessors, suppliers, pilots and oil companies.

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Vinay Dube had joined Jet Airways as chief executive officer in August 2017

After Jet Airways CEO Vinay Dube resigned with immediate effect from the company, its Chief People Officer Rahul Taneja has also quit the debt-laden airline, sources told NDTV. Meanwhile, Jet Airways informed exchanges that its Company Secretary and Compliance Officer Kuldeep Sharma has also resigned from the company. In a matter of less than 24 hours four officers from Jet Airways' top management have quit the Mumbai-based airline. Jet Airways was last month forced to ground its operations as it struggles to pay debt of $1.2 billion.
Here are 10 things to know:
  1. Mr Dube had joined the airline as CEO in August 2017, Mr Taneja joined the company in February 2016 and Mr Sharma was with Jet Airways since January 2015. Meanwhile, the airline did not mention replacement for the four members who have quit the company. Earlier in the day, Jet said that its deputy CEO and CFO Amit Agarwal also quit the company.
  2. Before joining Jet, Mr Dube worked for nearly three decades for aviation companies including Delta Airlines, Sabre and American Airlines in the US, Europe and Asia. 
  3. In a regulatory filing before market hours on Tuesday, the airline said Mr Agarwal's resignation took effect on May 13. He had joined Jet Airways as chief financial officer in 2015.
  4. Lenders of the grounded Jet Airways have taken a controlling stake in the airline, and are currently in the process of selling stake to recover their dues.
  5. SBI Capital Markets, a unit of SBI - which leads the group of Jet Airways' lenders, said last week that it received a solicited bid from Etihad Airways and three unsolicited bids for the airline. (Also read: Etihad, three others bid for Jet Airways)
  6. The deadline for interested parties to submit their bids under the stake sale ended on Friday. 
  7. Jet Airways earlier this month accepted the resignation of its whole-time director Gaurang Shetty. (Also read: Jet's 26th anniversary "saddest" day, Naresh Goyal writes to staff)
  8. The airline temporarily suspended its flight operations on April 17 and since then Jet Airways shares have plunged 46.40 per cent.
  9. Jet Airways shares ended 7.33 per cent lower at Rs 128.90 apiece on the National Stock Exchange, underperforming the broader markets which rose after nine consecutive sessions of losses.
  10. Hundreds of Jet Airways pilots, engineers and technicians have joined rival aviation companies.

(With agency inputs)



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Highlights

1
Vinay Dube resigned from Jet Airways citing personal reasons
2
Vinay Dube had joined the airline as CEO in August 2017
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His resignation came hours after deputy CEO Amit Agarwal's resignation

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