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Jet CEO Toomey quits [DNA : Daily News & Analysis (India)]
[January 18, 2014]

Jet CEO Toomey quits [DNA : Daily News & Analysis (India)]

(DNA : Daily News & Analysis (India) Via Acquire Media NewsEdge) Mumbai: Barely six months after taking charge as Jet Airways CEO, Gary Kenneth Toomey (pictured), an Australian national, resigned with immediate effect on Thursday.

A Jet statement said that Ravishankar Gopalakrishnan, CFO, will officiate as acting CEO till the board identifies a replacement for Toomey.

The company, founded by chairman Naresh Goyal, did not specify any reasons for his sudden exit. Toomey came on board Jet on a three-year contract.

Toomey's resignation comes at a time when Jet and its 24% stakeholder, the Abu-Dhabi based Etihad Airways, are starting to draw on synergy and expand operations.

The Jet-Etihad deal was announced in April last year and formalised in November. Toomey took charge almost two months after Etihad said it has picked up a stake in Jet, India's second largest carrier.

He replaced Nikos Kardassis who served two terms, first between 1993 and 1999, later from October 2009 to May 2013. Kardassis's resignation was announced immediately after Jet agreed to sell 24% for Rs 2,058 crore to Etihad last April. In effect, Toomey is the second CEO to quit Jet since June.

Toomey's appointment was seen as critical to Jet after the Etihad deal, considering his vast experience in domestic as well as international markets.

Toomey previously served as president and CEO of the Air New Zealand Group and as CEO of Airlines PNG in Papua New Guinea during their periods of major expansion.

He also managed a private consulting business for 12 years, providing support to senior management of businesses in the aviation, hospitality, construction and resources industries throughout the Asia Pacific region.

Jet Airways faces rising competition as local ventures of AirAsia and Singapore Airlines are aiming to start flights this year.

Shares of Jet rose 0.4% to Rs 269.20 at close of trading in Mumbai before the announcement. Jet Airways posted a record quarterly loss in October because of weaker travel demand and higher fuel costs.

Credit:dna correspondent (c) 2014 @ 2014 DILIGENT MEDIA CORPORATION LTD. ALL RIGHTS RESERVED

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