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Jet Airways Acting Chief Quits Two Months After Taking Charge

Jet Airways (India) Ltd (JETIN) said acting Chief Executive Officer Ravishankar Gopalakrishnan resigned, the third time in nine months that India’s biggest publicly traded carrier has lost its top official.

Gopalakrishnan, who was also the company’s chief financial officer, stepped down “owing to purely personal reasons,” Jet said in a stock exchange statement today without elaborating. He’d become acting CEO on Jan. 16. Jet spokeswoman Srirupa Sen said the company wouldn’t comment beyond the filing.

Gopalakrishnan, who worked at TVS Capital Funds and General Electric Co. (GE) before joining Jet in October 2012 as CFO, took over as acting CEO when Gary Kenneth Toomey resigned in January. Nikos Kardassis, who served two terms as the carrier’s chief executive, resigned in June last year.

Mumbai-based Jet Airways sold a 24 percent stake to Etihad Airways PJSC last year. It now faces greater competition as local ventures of AirAsia Bhd. (AIRA) and Singapore Airlines Ltd. (SIA) aim to start flights this year.

Jet shares, which have fallen 57 percent in the past year, today rose 2.6 percent to 228.55 rupees in Mumbai trading.

To contact the reporter on this story: Anurag Kotoky in New Delhi at akotoky@bloomberg.net

To contact the editors responsible for this story: Anand Krishnamoorthy at anandk@bloomberg.net Dick Schumacher

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