Amit Agarwal, Jet Airways’ CFO, Deputy CEO quits

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Kunwar Prithvi Singh Chauhan
Part time journalist, full-time observer. Editor-in-Chief at The Indian Wire. I cover updates related to business and startups.

New Delhi, May 14 Grounded Jet Airways continues to lose its senior executives dashing hopes of the airline’s revival.

The latest to quit the company is its Chief Financial Officer (CFO) and Deputy Chief Executive (CEO) Amit Agarwal. The exit comes days after the airline’s top executive Gaurang Shetty, considered close to founder Naresh Goyal, resigned from the board of directors.

In a regulatory filing, Jet Airways on Tuesday said that Amit Agarwal had resigned from the services of the company with effect from May 13, 2019 due to personal reasons.

Run out of cash, Jet Airways suspended its operations on April 17. Subsequent to this, hundreds of employees have left the carrier to join rival companies. Its aircraft are also being gradually de-registered. These events have added to the growing uncertainty about airline’s revival.

Lenders of Jet Airways led by SBI are currently in the process of selling the airline to recover their dues of over Rs 8,400 crore. Private equity firm TPG Capital, Indigo Partners, National Investment and Infrastructure Fund (NIIF) and Etihad Airways had been shortlisted to submit their bids after they gave their EoIs.

On May 10 — the last date for submitting the binding bids — only Etihad gave its offer and that too in the eleventh hour. The other two bids for the airline were unsolicited.

Faced with salary delays and uncertainty over revival of the airline, thousand of Jet Airways employees, especially pilots and engineers, have left the company to join rival carriers.

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