Jet Airways CEO Cramer Ball’s resignation at a time when the airline barely started showing results of his financial turnaround scheme, may unsettle the country’s largest full service carrier’s latest goal of becoming fully profitable by 2017. Ball, who is known as a turnaround strategist in the global aviation industry, joined Jet Airways in September 2014 and had kickstarted a successful financial restructuring programme to bring the airline back to profit, soon after taking over. Ball will join Italy’s national carrier Alitalia as CEO.
Ball's exit will have a drastic impact as the operational restructuring is in process at present and the key strategist’s exist would affect the continuity. Ball’s resignation from Jet Airways is effective from 29 February. Jet said on Thursday (December 17) that Cramer Ball resigned to pursue a new opportunity in Europe for family reasons and Gaurang Shetty, a whole-time director, will now become acting CEO of the airline.
Naresh Goyal-led Jet Airways in which global carrier Etihad Airways has a 24 per cent stake, has set a target of returning to profit by 2017-18 on the back of cost reductions, expanding capacity without adding planes and more revenue from code-share partners. In the beginning of fiscal 2015, Jet Airways had formed a three-year turnaround plan to return to profitability.
18/12/15 C H Unnikrishnan/Business World
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Ball's exit will have a drastic impact as the operational restructuring is in process at present and the key strategist’s exist would affect the continuity. Ball’s resignation from Jet Airways is effective from 29 February. Jet said on Thursday (December 17) that Cramer Ball resigned to pursue a new opportunity in Europe for family reasons and Gaurang Shetty, a whole-time director, will now become acting CEO of the airline.
Naresh Goyal-led Jet Airways in which global carrier Etihad Airways has a 24 per cent stake, has set a target of returning to profit by 2017-18 on the back of cost reductions, expanding capacity without adding planes and more revenue from code-share partners. In the beginning of fiscal 2015, Jet Airways had formed a three-year turnaround plan to return to profitability.
18/12/15 C H Unnikrishnan/Business World