Etihad-linked Jet hires ex-Air New Zealand CEO

  • Share via facebook
  • Tweet this
  • Bookmark and Share

India’s Jet Airways, in which Abu Dhabi’s Etihad Airways recently bought a 24 percent stake, has hired ex Air New Zealand boss Gary Kenneth Toomey as its new CEO.

Former Jet Airways boss Nikos Kardassis resigned on June 5, less than two months after the $370m sale to Etihad.

Mumbai-based Jet said in a statement that chief operating officer Hameed Ali would continue in his role as acting CEO until Australian Toomey’s appointment was approved by Indian regulators. Toomey has previously also worked as deputy CEO and chief financial officer at Australia’s Qantas Airways.

Etihad agreed to acquire the shareholding in Jet, which has made a loss for the last six consecutive years, following a decision by the Indian government to allow foreign airlines to acquire stakes of up to 49 percent in domestic carriers.

The deal is however still subject to the approval of regulators. India’s Foreign Investment Promotion Board (FIPB) on June 14 deferred a decision on the acquisition, which will also need to be approved by the Cabinet Committee on Economic Affairs. A statement from the FIPB did not indicate when talks will resume.

When it is eventually cleared, the purchase will give Etihad a bigger foothold in fast-growing India and provide Jet, the country's largest carrier, with a deep-pocketed global partner as well as cash to retire debt that totalled $2.1bn at the end of December.

Related:
Topics
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Ports of change

Ports of change

Investment in ports in the GCC region is at a record high, as...

Crowded skies in the Middle East

Crowded skies in the Middle East

Aviation experts give their suggestions on how to solve the Middle...

Cracking the code

Cracking the code

Strategic codeshare agreements are a win-win situation for gulf...

Most Discussed