Insta
More Turbulent Skies Ahead? After CFO, Jet Airways CEO Vinay Dube Resigns Citing ‘Personal Reasons’
Swarajya Staff
May 15, 2019, 04:30 PM | Updated 04:30 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
The ailing airlines Jet Airways is in the midst of high-level resignations, following the resignation of its CFO Yesterday (13 May 2019) its CEO Vinay Dube leaving the company today with immediate effect, reports Mint. Dube cited personal reasons for his departure from the company.
In a letter to the stock exchanges, the airlines wrote: “We wish to inform you that Mr Vinay Dube, Chief Executive Officer of the Company, vide his letter dated 14 May 2019, has resigned from the services of the company with immediate effect due to personal reasons.”
Dube joined the company in August 2017 after working for Delta Airlines Inc, American Airlines and Sabre, Inc in various positions; before Jet he was working as senior vice president for Delta Airline Asia Pacific.
The cash strapped airline which stopped its operations on 17 April 2019 is waiting for suitable buyers to take a stake in its company. The company since then has been marred in controversies and string of resignations.
Nasim Zaidi who was a non-executive and non-independent director on the airline’s board of directors resigned in April citing ‘personal reasons’ and ‘time constraints’. The resignation was followed by its founder Naresh Goyal and his wife quitting the board.
Jet Airways’ financial troubles can be traced back to its $500 million acquisition of Air Sahara in 2006 which was dubbed as an inflated deal. Air Sahara was re-branded as Jet Lite but its financial troubles meant that Jet wrote off its entire investment in the airline in 2015.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.