Business

Jet Airways Deputy CEO Amit Agarwal Steps Down, Cites “Personal Reasons”: 10 Points

Written by Taasir

Taasir English News Network | Uploaded on 14-May-2019

Jet Airways said on Tuesday that its deputy chief executive and chief financial officer Amit Agarwal has resigned. The now-grounded airline said that Mr Agarwal stepped down due to personal reasons. Shares in Jet Airways declined more than 12 per cent during Tuesday’s session. Mr Agarwal’s resignation comes at a time the airline is struggling with a debt of more than $1.2 billion, and owes money to lessors, suppliers, pilots and oil companies. His resignation took effect on May 13, it said in a regulatory filing.

Here are 10 things to know:
  1. Jet Airways did not mention a replacement for Mr Agarwal.
  2. He had joined Jet Airways as chief financial officer in 2015.
  3. Lenders of the now-grounded Jet Airways have taken a controlling stake in the airline, and are currently in the process of selling a stake to recover their dues.
  4. SBI Capital Markets, a unit of SBI – which leads the group of Jet Airways’ lenders, said last week that it received a solicited bid from Etihad Airways and three unsolicited bids for the airline. (Also read: Etihad, three others bid for Jet Airways)
  5. The deadline for interested parties to submit their bids under the stake sale ended on Friday.
  6. The Jet Airways stock declined as much as 12.44 per cent to Rs. 122.10 apiece on the Bombay Stock Exchange (BSE), compared with its previous close of Rs. 139.45.
  7. At 10:16 am, Jet Airways shares traded 10.33 per cent lower at Rs. 125.05 apiece on the bourse, underperforming the benchmark Sensex index market which was down 0.15 per cent.
  8. Jet Airways earlier this month accepted the resignation of its whole-time director Gaurang Shetty. (Also read: Jet’s 26th anniversary “saddest” day, Naresh Goyal writes to staff)
  9. The airline temporarily suspended its flight operations on April 17. Till Monday, Jet Airways shares had declined 42.16 per cent since the grounding of the airline.
  10. Hundreds of Jet Airways pilots, engineers and technicians have joined rival aviation companies.

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Taasir