Jet Airways’s Chief Executive Officer (CEO) Cramer Ball has resigned citing family reasons. He will be serving the Naresh Goyal-promoted airline till February 28, 2016.
He was appointed at the request of its partner Etihad Airways, which has 24 per cent share in India’s second largest airline in passenger load, and is set to join the Abu Dhabi carrier's latest strategic partner Alitalia in which Etihad has 49 per cent stake.
"Cramer has, during his tenure, made a significant contribution in the journey to turn around Jet Airways. The Company recorded two consecutive profitable quarters after a gap of eight years," Goyal said in a statement.
The resignation is effective February 29, Jet said in a statement. Ball had come to Jet from Air Seychelles, in which Etihad owns 40 per cent stake.
The airline attributed his resignation to "family reasons." Cramer Ball was Etihad's nominee on the board of Jet Airways.
Ball's exit came as a surprise as Jet had, under his watch and aided by lower fuel prices, swung back to net profit in the April-June quarter of this financial year. A senior executive, however, ruled out any clash between the CEO and the management, saying "he had a great personal rapport with the chairman (Naresh Goyal)". The exit of Jet's former CEO Gary Toomey had been shrouded in rumours of such a clash.
Gaurang Shetty, Whole-time Director, will become the acting CEO of the Company, the company informed. He has been with the airline for more than a decade.
Shetty, who has over 35 years of industry experience and has been with the Company for over 19 years, will now lead the operating committee in managing the day-to-day operations of the Company, under the supervision and control of the Board of Directors, chaired by Goyal.
BW Reporters
Haider Ali Khan is an alumnus of IIMC. He holds a degree in English Journalism from the prestigious campus. His passion includes Aviation, Technology, Politics and Sports.
