Jet Airways exec resigns amid growing uncertainty over future

Jet Airways’ deputy CEO and chief financial officer Amit Agarwal has resigned, the company said on Tuesday.

“We wish to inform that Amit Agarwal, the deputy chief executive officer and CFO of the company, has resigned from service due to personal reasons, with effect from May 13,” Jet Airways said in a regulatory filing with Bombay Stock Exchange.

Amit Agarwal is the second top executive of Jet Airways to leave company in the past week. Jet Airways’ former whole-time director and board member Gaurang Shetty had resigned from the company and its board on Thursday.

The exit of senior executives is widely seen as a clear indication that the management of the carrier sees bleak chances for the revival of the company, an industry expert said.

“It is not only the investors who are avoiding Jet Airways. Even the top executives of the company have also started deserting it, raising question marks on the revival prospects of the airline,” an aviation industry executive told Arabian Business.

Both Shetty and Agarwal were said to be close to the founder of Jet Airways Naresh Goyal. Naresh Goyal and his wife Anita stepped down from the board of the airline at the end of March.

In April, two other board members of Jet Airways – non-executive and non-independent director Nasim Zaidi and independent director Rajshree Pathy – also quit the board. Zaidi was a former chief election commissioner of India.

Debt-ridden Jet Airways grounded its operations on  April 17 due to acute cash crunch and the grounding of most of its aircraft by the leasing companies because of non-payment of rentals.

The efforts of the SBI-led lenders consortium to Jet Airways to find a new owner for the carrier also almost drew a blank, with only Etihad Airways submitting a proposal on Friday to acquire a minority stake in the airline, subject to the creditors and regulatory bodies agreeing to some of its conditions.

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