Jet Airways Revival Looks Bleak As CEO And CFO Resign The Same Day

Thousands of Jet Airways staff who have been without a job for nearly a month are pinning their hopes on the revival of the airline under new management and can take to the skies once again. But it is looking increasingly difficult for the airline as top executives are abandoning the company.?

Three top executives CEO Vinay Dube, CFO Amit Agarwal and Chief People Officer Rahul Taneja resigned from the company within a matter of hours.

BCCL

"Vinay Dube, Chief Executive Officer 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 Airways said in a regulatory filing.

Earlier, on Monday CFO and deputy CEO Amit Agarwal had quit from his position due to "personal reasons".

The resignations at the top come even as the new management led by the lenders of Jet Airways including SBI are still on the hunt for a buyer for the grounded airline.

So far, the response has been lukewarm, at best. There have been a few bids which are from unknown investors and companies with no prior aviation experience.?

REUTERS

One potential buyer the bakers and employees had pinned their hopes on was UAE-based Etihad Airways. But the airline which already owns 24 percent stakes in Jet has put some tough conditions. Etihad has stated that it can only invest Rs 1,700 crore, in Jet, which is a fraction of what the cash strapped airline needs for a revival.?