India’s embattled Jet Airways CEO quits

Jet Airways CEO Naresh Goyal. (AFP pic)

MUMBAI: India’s grounded Jet Airways said on Tuesday that its chief executive and its finance chief have quit, adding to gloom over the ailing carrier.

The heavily indebted airline, which last month suspended all operations, said that chief executive Vinay Dube resigned due to “personal reasons”.

Jet, with debts of more than US$1 billion, has been in a tailspin for months, defaulting on loans and failing to pay many staff and aircraft leases.

Jet’s main lender State Bank of India (SBI) had earlier in May invited offers for a stake in the airline. On Friday it said it received two unsolicited bids.

A collapse of Jet, and the loss of more than 20,000 jobs, would deal a blow to Prime Minister Narendra Modi’s pro-business reputation as he seeks a second term in elections ending on Sunday.