Restructuring due to Jet-Etihad deal

Indian airline's chief executive quits after 5 years

GMT 14:54 2013 Saturday ,08 June

Arab Today, arab today Indian airline's chief executive quits after 5 years

Jet is India's second-largest airline
Mumbai - Arabstoday

Jet is India's second-largest airline India's private carrier Jet Airways said Friday that its chief executive Nikos Kardassis has resigned from the firm. "Nikos Kardassis has resigned with effect from June 5," the airline said in a statement to the stock exchanges, without disclosing the reason.
The carrier's chief operating officer Hameed Ali will be the "acting CEO", until a replacement for Kardassis is appointed.
The airline thanked Kardassis for his "significant contributions" to the airline over a period of five years, the statement said.
Jet Airways in April approved a landmark deal through which Abu Dhabi-based Etihad will pick up a 24 percent stake in the Indian airline.
Etihad is reportedly keen for a change in Jet's management.
On the newly revamped Jet Airways board, the Indian carrier will have four members and the Gulf carrier three members, including the CEO.
The Jet-Etihad deal is the first overseas investment in an existing Indian carrier since the government eased restrictions in September to allow foreign firms a 49 percent stake in domestic airline companies.
Jet is India's second-largest airline, with a 22.6 percent market share, according to the country's civil aviation regulator.
Last month, Jet reported a quarterly net loss of 4.96 billion rupees ($90 million) in the three months to March, against a loss of 2.98 billion rupees a year earlier, after being hit by rising costs.

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