Business

Jet Airways' CFO Amit Agarwal resigns from the board

ANI | May 14, 2019 11:01 AM
Jet Airways stopped its operations on April 17

New Delhi [India], May 14 (ANI): Debt-laden and grounded Jet Airways' Chief Financial Officer and Deputy Chief Executive Officer Amit Agarwal has resigned from his positions, the company said on Tuesday.

Agarwal resigned due to personal reasons and his resignation is with effect from Monday, the airline said in a statement.

Jet Airways stopped its operations on April 17. It is under the management control of State Bank of India-led consortium of lenders following a debt-restructuring plan.

Several top executives and board members have quit the airline. Former Chief Election Commissioner Nasim Zaidi resigned from his position as Non-Executive and Non-Independent Director on the airline's board citing personal reasons and time constraints.

Independent Director Rajshree Pathy and top executive Gaurang Shetty have also quit the board.

Jet Airways Chairman Naresh Goyal and his wife Anita, who held 51 per cent of the equity, resigned from the board on March 25 and transferred control to the lenders.

Jet has been suffering bruising competition from low-cost airlines, fluctuating crude prices and a weak rupee. (ANI)

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