Now, grounded Jet Airways' CEO Vinay Dube quits

Jet Airways' chief executive Vinay Dube resigned on Tuesday, ending a 21-month long tumultuous tenure during which the once-storied carrier 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 Deputy CEO and Chief Financial Officer Amit Agarwal quit. "We wish to inform that Vinay Dube, Chief Executive Officer (CEO) has resigned from services of the company with immediate effect due to personal reasons," Jet Airways said in a regulatory filing Tuesday.

Before joining Jet Airways as CEO in August 2017, Dube had served in various roles at Delta Airlines, Sabre Inc and American Airlines in the US, Europe and Asia. 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 CEO.

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, Independent Director Rajshree Pathy, Non-Executive and Non-Independent Director Nasim Zaidi as well as Whole Time Director Guarang Shetty, had quit. In late March, Jet Airways Founder Naresh Goyal along with his wife Anita Goyal as well Etihad Airways' nominee director Kevin Knight stepped down from their respective position following a debt-recast plan.

Naresh Goyal also stepped down from the post of Chairman. Etihad is a strategic investor in Jet Airways.

In November last year, Independent Directors Vikram Singh Mehta and Ranjan Mathai had resigned from Jet Airways' board. At present, Etihad nominee Robin Kamark, Ashok Chawla and Sharad Sharma, are the only directors on Jet Airways' board, as per the airline's website.

On behalf of the lenders, SBI Caps had sought bids for the sale of up to 75 per cent stake in Jet Airways. After the first round of bids, private equity firms IndiGo Partners and TPG, Etihad Airways and National Investment and Infrastructure Fund (NIIF) were shortlisted.

Abu Dhabi-based Etihad Airways 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.

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