Jetihad casualty. Nikos Kardassis resigns as Jet CEO

Ever since the Jetihad deal was announced in late April, where Jet agreed to sell 24 per cent stake for Rs. 2,042 crore to Etihad Airways, we industry watchers were waiting to see when the casualties of senior management at Jet Airways would commence. Officially Etihad will get three seats on the Jet board, including the CEO, but it is widely expected that Etihad will place sympathetic officers, across most of the senior management at Jet.

In a filing with the Bombay Stock Exchange, Jet informed that its chief executive Nikos Kardassis has resigned effective June 5, and present chief operating officer Capt. Hameed Ali is the interim CEO.

This was the second stint for Kardassis having returned to Jet on October 15, 2009 as acting CEO after Wolfgang Prock-Schauer quit, and appointed CEO from May 20, 2010. Kardassis served from 1994 to 1999

Media reports claim under the deal Etihad reportedly demanded a change in the management under the deal, including removal of promoter Naresh Goyal’s wife, Anita Goyal, who apparently actually ran the airline.

For the quarter ended March, Jet has reported increased losses of Rs. 495.53 crore compared to a loss of Rs 298.12 crore from a year ago, though for the fiscal year 2013, the airline reduced its losses to Rs 485.5 crore from Rs 1,236 crore in FY2012.

About Devesh Agarwal

A electronics and automotive product management, marketing and branding expert, he was awarded a silver medal at the Lockheed Martin innovation competition 2010. He is ranked 6th on Mashable's list of aviation pros on Twitter and in addition to Bangalore Aviation, he has contributed to leading publications like Aviation Week, Conde Nast Traveller India, The Economic Times, and The Mint (a Wall Street Journal content partner). He remains a frequent flier and shares the good, the bad, and the ugly about the Indian aviation industry without fear or favour.

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