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Jet Airways Slumps Further After CFO And Deputy CEO Resigns

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In a statement on Tuesday, Jet Airways (India) Ltd said that its chief financial officer (CFO) and deputy chief executive officer (CEO) Amit Agarwal has resigned from his position at the airline citing personal reasons. The resigned was effective from Monday.

 

Shares of Jet Airways slumped to an intraday low of Rs 118.90 apiece on NSE following the announcement. The stock has been trading over 9 percent below its previous day's close in trade on Tuesday.

Jet Airways Slumps Further After CFO And Deputy CEO Resigns

Agarwal is a chartered accountant who joined the airline in December 2015 and was responsible for the financial management aspects of the company. He held the role of CFO at Suzon Energy prior to Jet Airways and waas previously seen in leadership roles at Arcelor Mittal and Essar Steel.

The cash starved airline that shut its services in April, has seen a number of its top executives and board members resign in the past few months. In the previous month, Nasim Zaidi quit his position as the non-executive and non-independent director at Jet Airways' board citing personal reasons and "time constraints."

Post the resignation of founder Naresh Goyal and his wife from the airline's board, independent director Rajshree Pathy and top executive Gaurang Shetty also resigned.

 

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