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Jet Airways CEO Vinay Dube resigns a day after CFO Amit Agarwal quit company

Vinay Dube was appointed Jet Airways' CEO on August 8, 2017; his resignation comes a day after grounded carrier's Deputy CEO Amit Agarwal stepped down citing personal reasons

twitter-logo BusinessToday.In   New Delhi     Last Updated: May 14, 2019  | 19:06 IST
Jet Airways CEO Vinay Dube resigns a day after CFO Amit Agarwal quit company
Jet Airways' CEO Vinay Dube. Photo: Reuters

Jet Airways Chief Executive Officer Vinay Dube resigned from the company with immediate effect on Tuesday citing "personal reasons". He is the fifth top level official to quit the beleaguered company after its deputy CEO and Chief Financial Officer Amit Agarwal and company's Chief People Officer (CPO) Rahul Taneja put in their resignation papers.

The airline ceased operations temporarily around mid-April due to acute liquidity crisis. Most of the airline's board members have also quit in the last one month. Former Chief Election Commissioner Nasim Zaidi had also resigned from the Jet Airways board as its Non-Executive and Non-Independent Director citing "time constraints" and "personal reasons". Other directors who have put in their papers include Independent Director Rajshree Pathy and top executive Gaurang Shetty.

"Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that Mr Vinay Dube, Chief Executive Officer of the Company, vide his letter dated 14 May 2019, has resigned from the services of the Company with immediate effect due to personal reasons," the company said in a regulatory filing on Tuesday.

Vinay Dube was appointed the Jet Airways CEO on August 8, 2017. He holds bachelor's degree from Knox College, Illinois, and a master's degree from University of North Carolina System.

The share price of Jet Airways fell almost 13 per cent on Tuesday. At the closing bell, the stock price ended 7.42 per cent lower at Rs 129.10 on BSE and Rs 128.90, down by 7.33 per cent, on the NSE.

Jet Airways Chairman Naresh Goyal and his wife Anita Goyal collectively hold 51 per cent stake in the company. They both had resigned from the Jet Airways board on March 25, transferring the control to the lenders led by the State Bank of India.

Meanwhile, Etihad, the Abu Dhabi-based airline, has offered fund infusion of Rs 1,700 crore to revive the defunct airline but the UAE-based airline wants the lenders, led by the state-owned State Bank of India, to find a majority buyer and exemption from making an open offer in case its stake breaches 26 per cent mark, reported IANS. Etihad also wants a one-time settlement by banks with operational creditors.

Edited by Manoj Sharma

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