Source : The Times of India, Last updated : 14 May 2019,5:06 pm

Jet Airways top management team of CEO, CFO, chief people's officer & company secretary resigns -

Jet Airways top management team of CEO, CFO, chief people's officer & company secretary resigns -
NEW DELHI: With no hope of revival, at least anytime soon, Jet Airways saw four of its top people exit — chief executive officer Vinay Dube, deputy CEO-and-CFO Amit Agarwal, chief people's officer Rahul Taneja and company secretary-cum-compliance officer Kuldeep Sharma — on Tuesday. The four quit after it became clear in last two days that Etihad’s offer to invest in Jet may not be enough to make the airline fly again.

The Abu Dhabi-based airline has put a string of conditions like saying it won’t be able to invest over Rs 1,700 crore; it will limit its stake to 24% in restructured Jet; it wants lenders, who have over Rs 9,000 crore exposure to Jet, to find a majority stakeholder to partner with it and also take a significant haircut to the loans.

Lenders see Etihad’s bid for Jet Airways as disappointing

Gulf carrier Etihad’s bid for Jet Airways is “disappointing” and lenders see little chance of reviving the beleaguered airline, which has temporarily shut operations. The offer from Etihad comes on heels of the Abu Dhabi-based airline earlier expressing it can’t put more than Rs 1,700 crore in Jet. Given its massive debt, the airline is expected to fly only with an infusion of about Rs 15,000 crore.

“Vinay Dube, CEO of the company, vide his letter dated May 14, 2019, has resigned from the services of the company with immediate effect due to personal reasons,” Jet said in a regulatory filing Tuesday. Earlier in the day it had similarly announced Agarwal’s resignation. “We wish to inform that Amit Agarwal, the deputy CEO and CFO of the company, has resigned from service due to personal reasons, with effect from May 13,” it had said.

The resignation of these people, along with founder Naresh Goyal no longer being formally associated with Jet, has left employees with no one to look upto in their hour of crisis. Vinay Dube and Taneja were at the forefront after Jet suspended operations on April 17. Dube was the public face of the revival attempts. Taneja was in touch with employees after it grounded operations. Dube had joined Jet in August 2017, after working in international airlines like Delta and American Airlines.

Before joining Jet, he was senior VP (Asia Pacific) at Delta. Taneja joined the company in February 2016. He has over 25 years of experience in diverse industry sectors and has worked in HR leadership positions across leading Indian and international companies.

In the past few months, a number of Jet’s directors including former chief election commissioner Nasim Zaidi have also resigned.

Nasim Zaidi resigns from Jet Airways' board

​​The airline, which has temporarily suspended operations last Wednesday, said in a BSE filing on Monday that “Nasim Zaidi has submitted his resignation as non executive non independent director of the company with effect from April 21, 2019, due to personal reasons and constraints of time.”

Meanwhile, the suspension of operations by Jet left over 750 slots vacant at Indian airports. Of these, almost 480 slots have been given to other airlines with SpiceJet getting 130, IndiGo 125, Vistara 110, GoAir and AirAsia India 40 to 45 slots each. IndiGo has got 40 of Jet’s 118 slots in Delhi and SpiceJet has got 70 of over 200 slots in Mumbai, say sources.
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