Amidst turbulence, Jet Airways' CEO, CFO resign from the board

Debt-laden Jet Airways' Chief Executive Officer Vinay Dube and Chief Financial Officer Amit Agarwal have resigned from their positions, the company said on Tuesday.

Agarwal was also Deputy Chief Executive Officer of the grounded airline. Both Dube and Agarwal resigned due to personal reasons with immediate effect, 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 holding 51 per cent of the equity resigned from the board on March 25, and transferred control to the lenders.
Jet Airways was suffering bruising competition from low-cost airlines, fluctuating crude prices and a weak rupee.