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  HOME | Business & Economy (Click here for more)

Jet Airways CEO, CFO Resign, No Replacements Announced

NEW DELHI – India’s Jew Airways announced on Tuesday the resignation of its CEO, Vinay Dube, amid a crisis in the company’s financing that has paralyzed its operations.

The airline’s CFO, Amit Agarwal, also resigned with immediate effect.

Jet Airways, one of India’s oldest and most important airlines, said in a statement that Dube stepped down for personal reasons.

Agarwal stepped aside for the same motive, according to the company, which has not yet announced who will substitute the managers.

The airline has been waiting for some $2 billion in financing in order to be able to resume its regular operations, which have ground to a halt due to a liquidity crisis and growing debts.

All flights have been paralyzed and thousands of employees left in a state of limbo, without knowing when they will receive their salaries, in many cases unpaid for months. The situation has led to protests in recent weeks.

In March last year, the airline’s president and founder Naresh Goyal left the board of directors.

Established in 1993 and with flights to over 100 national and international destinations, the airline operated more than 100 planes across 500 flights, according to the company.

 

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