India’s private carrier Jet Airways said Friday that its chief executive Nikos Kardassis has resigned from the firm.

“Nikos Kardassis has resigned with effect from June 5,” the airline said in a statement to the stock exchanges, without disclosing the reason.

The carrier’s chief operating officer Hameed Ali will be the “acting CEO”, until a replacement for Kardassis is appointed.

The airline thanked Kardassis for his “significant contributions” to the airline over a period of five years, the statement said.

Jet Airways in April approved a landmark deal through which Abu Dhabi-based Etihad will pick up a 24 percent stake in the Indian airline.

Etihad is reportedly keen for a change in Jet’s management.

On the newly revamped Jet Airways board, the Indian carrier will have four members and the Gulf carrier three members, including the CEO.

The Jet-Etihad deal is the first overseas investment in an existing Indian carrier since the government eased restrictions in September to allow foreign firms a 49 percent stake in domestic airline companies.

Jet is India’s second-largest airline, with a 22.6 percent market share, according to the country’s civil aviation regulator.

Last month, Jet reported a quarterly net loss of 4.96 billion rupees ($90 million) in the three months to March, against a loss of 2.98 billion rupees a year earlier, after being hit by rising costs.

SOURCE AFP