Nikos Kardassis, Jet Airway’s two-time Chief Executive Officer (CEO), who had returned to the carrier in an advisory role, has once again called it quits, reports a source.
The Naresh Goyal-controlled carrier had pulled him back for the third time in May this year and had asked him to turnaround the cash-strapped airline. The Greek-American aviation veteran, Kardassis, was roped-in to revive the fortunes of the full-service carrier following its dismal financial performance since January 2018.
“Kardassis, whom Goyal roped-in to help him in the airline’s turnaround plan, had gone on leave to his native place in November but after that, he did not return,” said a source apprised of the development.
The turnaround man parted ways with the airline after Goyal began discussions with his investment partner, Etihad Airways, for further sales to gather funds, another source said. The UAE national carrier, Etihad Airways, holds 24 percent stake in Jet Airways, which it acquired on 2013.
However, Jet Airways kept quiet about the matter on rising queries.
The turnaround plan had been initiated by the airlines amid persisting financial turbulence to enhance revenue and cost savings. As on September 30, the airlines’ net debt was ₹8,052 crores with three back-to-back quarterly losses.
According to a source, “Kardassis had in 2013 also quit the airline as its chief executive officer as he was largely kept out of discussions on the deal with Etihad at that time”.
Kardassis was brought back on board in the aftermath of ₹636.45 crores loss in the financial year 2018.
Earlier in August this year, Goyal had made public his re-entry in the airlines and told his shareholders that the top-level executives will spend 80 percent of their time focusing on revenue management, who will be led by Kardassis.
Kardassis served Jet Airways as its CEO in two stints spanning over 14 years – the first stint being between 1994 and 1999. He returned to the carrier again in 2008, first as head of North American operations and adviser to the board before assuming the top position once again in 2009 and remained at the helm till 2013.