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Jet Airways Deputy CEO Amit Agarwal Steps Down, Cites "Personal Reasons": 10 Points

Jet Airways news: The airline did not mention a replacement for Mr Agarwal, who had joined Jet Airways in 2015 as its CFO.

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Jet Airways did not mention a replacement for Amit Agarwal

Jet Airways said on Tuesday that its deputy chief executive and chief financial officer Amit Agarwal has resigned. The now-grounded airline said that Mr Agarwal stepped down due to personal reasons. Shares in Jet Airways declined more than 12 per cent during Tuesday's session. Mr Agarwal's resignation comes at a time the airline is struggling with a debt of more than $1.2 billion, and owes money to lessors, suppliers, pilots and oil companies. His resignation took effect on May 13, the cash-starved airline said in a regulatory filing before market hours.
Here are 10 things to know about the Jet Airways crisis:
  1. Jet Airways did not mention a replacement for Mr Agarwal.
  2. He had joined Jet Airways as chief financial officer in 2015.
  3. Lenders of the now-grounded Jet Airways have taken a controlling stake in the airline, and are currently in the process of selling a stake to recover their dues. 
  4. 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)
  5. The deadline for interested parties to submit their bids under the stake sale ended on Friday. 
  6. The Jet Airways stock declined as much as 12.44 per cent to Rs 122.10 apiece on the Bombay Stock Exchange (BSE), compared with its previous close of Rs 139.45. 
  7. At 10:16 am, Jet Airways shares traded 10.33 per cent lower at Rs 125.05 apiece on the bourse, underperforming the benchmark Sensex index market which was down 0.15 per cent. 
  8. 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)
  9. The airline temporarily suspended its flight operations on April 17. Till Monday, Jet Airways shares had declined 42.16 per cent since the grounding of the airline.
  10. Hundreds of Jet Airways pilots, engineers and technicians have joined rival aviation companies.

(With agency inputs)





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Highlights

1
Amit Agarwal resigned due to personal reasons, says Jet Airways
2
Jet Airways shares fall over 12% in intraday trade
3
Grounded Jet Airways is struggling with a debt of over $1.2 billion

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