The top management leaders at Jet Airways have resigned from what appears to be a sinking ship. The Chief Executive Officer Vinay Dube, Deputy CEO-and-CEO Amit Agarwal, Chief People Officer Rahul Taneja and Company-Secretary Kuldeep Sharma, who is also the Compliance Officer, announced their resignation this week.
This decision came after the veil lifted on the information that Etihad’s investment offer would not provide enough funding for Jet Airways to fly again. The investment offer from the Abu Dhabi-based airline came with a lot of strings attached. For example, Etihad agreed to only 24 percent stake in Jet and a limit of Rs. 1,700 crores that they will be able to invest.
Vinay Dube and Rahul Taneja were looking after the revival efforts. Before working with Jet Airways, Dube had been performing the duties of Senior VP, APAC at Delta. With more than 25 years of experience, Taneja joined Jet Airways in February 2016. Taneja had been communicating with employees even after the airlines had been grounded. He brought with him an extensive know-how of HR operations with an experience in both Indian and global companies.
As the uncertainty around Jet Airways’ revival continues to grow with the grounding of the airlines and exits of employees, the multiple resignations from the board of directors and the leadership have further dampened the spirits of the employees who remain on-board the aircraft.
Salary delays and unclear timelines on the revival of Jet Airways has sent thousands of employees, including engineers and pilots in search of alternative options. Many have joined rival carriers such as SpiceJet.
Indian airports are looking at about 750 vacant airtime slots because of the suspension of Jet Airways flights. These have been distributed among other airline companies including SpiceJet (130), AirAsia India (45), GoAir (40), Vistara (110) and Indigo (130).