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Now, grounded Jet Airways' CEO Vinay Dube quits

Press Trust of India  |  Mumbai 

Jet Airways' resigned on Tuesday, ending a 21-month long tumultuous tenure during which the shuttered operations due to cash crunch.

An Indian-American, Dube joins the growing list of exits at Jet Airways, which served the Indian skies for more than 25 years.

His resignation comes a day after and Chief Financial Officer quit.

"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 regulatory filing Tuesday.

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

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

Earlier on Tuesday, Jet Airways informed stock exchanges that Agarwal has resigned from the company, with effect from May 13, due to personal reasons.

The exit of the two top officials also comes at a time when the SBI-led lenders' consortium is trying hard to find a buyer for the ailing Jet Airways. The carrier stopped flying on April 17 after it ran out of cash.

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

In late March, Jet Airways Founder along with his wife as well Etihad Airways' stepped down from their respective position 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 Sharad Sharma, 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. 19:41 IST
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