The Telegraph
Friday , January 17 , 2014
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Jet chief steps down

Toomey: Exit mode

Mumbai, Jan. 16: Jet Airways today announced that Gary Kenneth Toomey had resigned from his position as chief executive of the airline with immediate effect.

Toomey had joined the airline just six months ago on a three-year contract.

The airline, which had reported a Rs 891-crore loss in the second quarter ended September, did not say what had led to Toomey’s exit.

Last November, Jet Airways had closed a deal with Abu Dhabi’s Etihad Airways under which it sold a 24 per cent stake in a Rs 2,057.67-crore deal, which has since been challenged.

Chief financial officer Ravishankar Gopalakrishnan will be the acting chief executive until the board names a new chief, Jet Airways said in a stock exchange filing.

Toomey, an Australian national who previously worked with Air New Zealand and Qantas, had joined Jet Airways in July last year.

Toomey was made the chief executive after the then CEO Nikos Kardassis quit the Naresh Goyal-promoted carrier over some alleged differences with Goyal over the stake sale to Etihad.

Last month, the Competition Appellate Tribunal issued a notice to the Competition Commission of India seeking an explanation on the grounds on which the latter had approved the Jet-Etihad deal.

Jet Airways and its discount airline JetLite together have a 25 per cent market share, trailing IndiGo, which has a 29.7 per cent market share.