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Jet Airways saga: CEO Vinay Dube, 3 senior executives deboard airline

Press Trust of India  |  Mumbai 

In top level exodus at grounded Jet Airways, four senior executives, including and his deputy Amit Agarwal, have quit the ailing

Amid lenders scrambling to find a suitor, the on Tuesday announced the exit of three executives -- Dube, Agarwal and -- while a source said the carrier's has also put in his papers.

Except for Agarwal, who quit on Monday, the rest resigned on Tuesday.

Dube's departure marked the end of his 21-month long tumultuous tenure during which the shuttered operations due to cash crunch after more than 25 years of "happy flying."

"We wish to inform that Vinay Dube, Officer (CEO), has resigned from services of the company with immediate effect due to personal reasons," said in a filing.

An Indian-American, Dube deboarded a day after and Chief Financial Officer quit.

Before joining as in August 2017, Dube had served in various roles at companies including Delta Airlines, and American

He took over the reins of Jet Airways almost 15 months after the exit of his predecessor Crammer Ball. During this period, Agarwal was the acting

Agarwal quit with effect from May 13 due to personal reasons, as per another filing.

"We wish to inform you that Kuldeep Sharma, and Compliance Officer, has resigned from the services of the company with immediate effect," Jet Airways said in another filing on Tuesday.

A phone call and a WhatsApp message sent to Taneja seeking his comments on his resignation did not elicit any response.

Shares of Jet Airways, which stopped flying from April 17 after it ran out of cash, plunged over 7 per cent on the bourses on Tuesday.

Last month, Rajshree Pathy, Non-Executive and Non-as well as had quit.

In late March, Jet Airways founder along with his wife as well as Etihad Airways' stepped down from their respective positions following a debt-recast plan.

also stepped down from the post of

Etihad is a strategic investor in Jet Airways.

In November last year, independent directors and had resigned from Jet Airways' board.

At present, Etihad nominee Robin Kamark, and are the only directors on Jet Airways's board, as per the airline's website.

On behalf of the lenders, SBI Caps had sought bids for sale of up to 75 per cent stake in Jet Airways.

After the first round of bids, private equity firms and TPG, and and Infrastructure Fund (NIIF) were shortlisted.

Abu Dhabi-based submitted its bid to acquire a minority stake in Jet Airways with a lot of riders that involved finding more investors, leaving little hope for the airline's survival.

"Etihad re-emphasises that it cannot be expected to be the sole investor, and that, amongst other requirements, additional suitable investors would need to provide the majority of Jet's required recapitalisation," Etihad said in a statement on May 10, which was the last date for submission of bids.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 14 2019. 21:21 IST
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