Jet top management resigns amidst bleak signals over revival

The top management team at Jet Airways resigned on May 14, sending bleak signals about the lack of probability of revival of the grounded airline in the foreseeable future.

Chief Executive Officer (CEO) Vinay Dube, Deputy CEO and Chief Financial Officer (CFO) Amit Agarwal and HR head Rahul Taneja are reported to have put in their papers. The company informed the bourses about the resignation of the CFO in a regulatory filing. An announcement about the other two is awaited.

The resignation of the Jet top management come amidst the realisation that Etihad's investment bid will not be able to get the airline off the ground. Etihad has declined to cough up 1,700 Crore required to resuscitate Jet. Its offer is conditional to the lenders - to whom Jet owes over 9,000 Crore - finding a majority stakeholder, and significantly paring the debt. The Abu Dhabi-based airline will limit its stake to 24 per cent in a restructured Jet.

Dube and Taneja emerged as the face of attempts to revive Jet after bankruptcy forced suspension of flying operations on April 17. Dube, who has worked in senior positions in the past with international airlines like Delta and American Airlines, joined Jet in August 2017. Taneja was head of HR since February 2016.

The collapse of Jet has led to the resignation of a number of directors, including former Chief Election Commissioner Nasim Zaidi.