Jet Airways CEO and CFO resign

posted on 14th May 2019 by Justin Burns

Jet Airways chief executive Vinay Dube and chief financial officer Amit Agarwal have both resigned citing personal reasons.

In a statement to the Bombay Stock Exchange, the Indian airline said Dube is stepping down “with immediate effect due to personal reasons”. He became the airline’s chief executive in August 2017.

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

The carrier suspended all operations on 17 April, after it was unable to secure emergency funding. The airline owes $1 billion. At the start of this year it had a fleet of 120 aircraft.

A process to find new strategic investors is ongoing. Etihad Airways has said reportedly said it is willing “reinvest” in the stricken airline but said it would require other suitable investors to assist in the recapitalisation.