Mumbai, Dec. 17: Aviation turnaround expert Cramer Ball has quit as Jet Airways CEO to lead troubled Italian carrier Alitalia.

Abu Dhabi-based Etihad hold a substantial stakes in both the airlines. Ball, 48, will take over in March.

Announcing Ball's appointment, loss-making Alitalia said in a statement on Thursday that Ball as CEO has helped to reduce losses at Jet.

He previously led Air Seychelles to profitability.

Etihad picked up 49 per cent in Alitalia last year and launched a restructuring plan, including fleet upgrades and new routes.

Ball has spent more than 20 years in the industry and is expected to pilot Alitalia's return to profitability by 2017, a target the airline confirmed on Thursday.

CIA (Compagnia Aerea Italiana) a consortium of Italian businessmen holds the remaining 51 per cent in the carrier.

Etihad had picked up a 24 per cent stake in Jet in 2013. It also holds 40 per cent in Air Seychelles.

"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," Jet Air ways chairman Naresh Goyal said in a statement.

Jet said whole-time director Guarang Shetty will be the acting CEO under Goyal's supervision. Ball was appointed Jet CEO in April 2014.

"I am honoured to have been able to play a part in the turnaround of Jet Airways, as it moves towards long-term sustainable profitability... I am pleased with the progress that has been made," Ball said on his resignation.

Jet reported a 25 per cent jump in net profit at Rs 87.59 crore in the second quarter of this fiscal, ended September 30, boosted by low aviation turbine fuel prices and high passenger traffic.