Jan 17, 2014, 08.56 AM IST
The Naresh Goyal-promoted private carrier named Chief Financial Officer Ravishankar Gopalakrishnan as acting CEO for the time being.
Tags Jet Airways, Naresh Goyal, Gary Kenneth Toomey, CEO, quit
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Jet CEO Toomey quits six months after taking over
The Naresh Goyal-promoted private carrier named Chief Financial Officer Ravishankar Gopalakrishnan as acting CEO for the time being.
Like this story, share it with millions of investors on M3
Jet CEO Toomey quits six months after taking over
The Naresh Goyal-promoted private carrier named Chief Financial Officer Ravishankar Gopalakrishnan as acting CEO for the time being.
"I have enjoyed my time at Jet Airways working with the Chairman, the management team and the wonderful staff. I am confident that the company will be successful in the future," Toomey said in a late night release.
Toomey was appointed the airline CEO only last June on a three-year contract. It is, however, not yet known what led to the sudden exit of Toomey. Reacting to the resignation, Jet Chairman Goyal said: "I would like to thank Gary Toomey for his invaluable contribution over the last six months, which was a period of great change for Jet Airways."
Prior to joining the Indian carrier, Toomey had served as President and Chief Executive of Air New Zealand Group and CEO of Airlines PNG in Papua New Guinea. Toomey, an Australian, was made the Chief Executive after the then CEO Nikos Kardassis parted ways with airline over reported differences with Goyal on the issue of Jet's stake sale to the Gulf carrier Etihad.
Also read: Tail Wind working against the Jet-Etihad deal?
Kardassis' resignation was announced immediately after Jet agreed to sell a 24 per cent stake for Rs 2,058 crore to Etihad last April. The deal was finally concluded last November, though it has been challenged in the Supreme Court.
Gopalakrishnan will serve as the acting chief executive until the airline board selects a new person for the top job, the release said.
Jet Airways stock price
On January 17, 2014, Jet Airways closed at Rs 263.80, down Rs 4.9, or 1.82 percent. The 52-week high of the share was Rs 688.60 and the 52-week low was Rs 260.35.
The latest book value of the company is Rs -27.75 per share. At current value, the price-to-book value of the company was -9.51.
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