Companies & Sectors
Jet Airways CEO Nikos Kardassis quits; Hameed Ali appointed acting CEO

Ever since the airline clinched a stake sale deal with the Abu Dhabi-based Etihad Airways in the last week of April, the industry was abuzz with speculation that Kardassis was on his way out

Jet Airways chief executive Nikos Kardassis has resigned after a five-year stint with the company, and chief operating officer Capt Hameed Ali is the interim chief executive, the airline said on Friday.


The Naresh Goyal-led airline said in a filing to the BSE that Kardassis resigned with effect from 5th June, but it did not give any reason.


This was his second innings with Jet. Ever since the airline clinched a stake sale deal with the Abu Dhabi-based Etihad Airways in the last week of April, whereby it agreed to sell 24% stake for Rs2,042 crore, the industry was abuzz with speculation that Kardassis was on his way out.


Etihad reportedly demanded a change in the management under the deal, including removal of Goel’s wife from the airline’s board.


Under the sale agreement, the terms of which are being reworked following the Securities and Exchange Board of India’s (SEBI) objections, the Arab carrier will get three board members, including the CEO.


Kardassis returned to Jet on 15 October 2009 as acting CEO after Wolfgang Prock-Schauer quit, and was appointed CEO from 20 May 2010. Kardassis’ first term with Jet started in 1994 and lasted till 1999 and he was instrumental in the restructuring, cost/network management of the airline.


He had also served as senior vice-president, the Americas, for Jet, prior to his appointment as the CEO.


Meanwhile, the Foreign Investment Promotion Board will take up Gulf carrier Etihad’s planned stake buy in Jet Airways India on Tuesday.


For the quarter ended March, Jet reported deeper losses at Rs495.53 crore against a net loss of Rs298.12 crore for the same period year-ago. Total income from operations declined to Rs3,922 crore in the March quarter from Rs4,041.61 crore in the year-ago period.


For the full fiscal 2012-13, the second largest airline improved its bottomline by massively narrowing the losses to Rs485.5 crore against a net loss of Rs1,236 crore in FY12.


Corporate governance issue: Narayana Murthy is not alone found wanting

Is this move (by Narayana Murthy) an admission about his failure in choosing Infosys leaders? If so why does he not admit it in public for the sake of corporate governance and transparency that he talks about all the time? Is trying to make comeback part of culture to cling on?

So NR Narayana Murthy is back to Infosys and he is being asked to save the company that seems to be slowing down. This time around he has even got his own son with him to help him save the sinking ship. What makes anyone think that he can save the company that he left as per his own resolve at the age of 65? Had he not said time and again that my children have no interest in running the company? What has changed for him to go back on his words? Was he not instrumental in putting place the management team at the time of his departure? Is this move an admission about his failure in choosing Kamat and Shibu Lal? If so why does he not admit it in public for the sake of corporate governance and transparency that he talks about all the time? Why this announcement was kept under wraps?

Of course, those in the know seem to have benefitted from this inside information as Moneylife has hinted here. He also never told us publicly why Mohandas Pai left abruptly? Will he tell us why he and other founders have sold most of their holdings in the company? Did they do that because they were aware that the Infy business model had run its course and there was no future in the company anymore?

Murthy was made into an icon and he was one, but is no more one! The problem with us is that we think good people never made bad mistakes. Actually great people make great mistakes. But we seem to either overlook those or tend to justify those mistakes by not acknowledging them.

But he is not alone who thinks that his company can only be rescued by him! We have other examples, as well’

Ratan Tata postponed his own retirement by 10 years! He kept saying that a successor was not in sight! The truth is he was reluctant to leave. A successor can be groomed or searched, but he did not do that till he was left with no choice. In the mean time Raadia tapes took some gloss off his persona as did his letter to Karunanidhi praising Raja! Had he retired at the self appointed time he could have avoided both!!

Another example is that of AM Naik of Larsen & Toubro (L&T). He says there is no one who can handle the complicated businesses that L&T runs except him! A very pompous argument!

In cricket we have Sachin who believes the nation still needs him and his devotees keep goading their God to go on! It would have been most fitting were he to quit the day India won the World Cup.

In politics we have Manmohan Singh. He could have gone on a high had he refused to continue post 2009 elections! Now Advani is willing to make a fool of himself for the second time. Earlier Nehru should have stuck to his stand that he wanted to quit in 1957 he was persuaded by the party, he did not quit in ’62 when he had another chance and died a broken man! In films look at the pathetic effort made by Madhuri Dixit to find past glory! So it is in our culture to do this. Most comebacks end in disaster! Here is wishing NRN luck!

(Prof Agashe teaches at Symbiosis and other management schools in Pune).



Sathish Chandran

4 years ago

Nice observation Prof. Anil Agashe. Seriously wish NRN good luck because Infosys is not just another company, it is India's pride.


4 years ago

Wow, nice angle of looking at the current situation in Corporate as well as Politics. Keep us feeding, Indeed nice article

huma arora

4 years ago

terrific and meticulously written article.. keen observation

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Medicash requires you to periodically check its terms and conditions-they can be updated anytime and if you use the services after the update, it will automatically mean that you agreeing to the updates. So, if you use Medicash, make sure you check the terms and conditions regularly. Since the system is new, we do not know the frequency of changes and whether or not, you will be informed through mails. For store specific terms and conditions, you should visit their specific page each time you avail services.


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4 years ago

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There are joining fees, annual fees and renewal fees applicable on the Medicash card. These fees may vary from Cardholder to Cardholder, and from offer to offer. These shall be as communicated to the Cardholder at the time of applying for the card. The joining as applicable will be directly charged to the customer at the time of issuance of Card, Post realization of joining fee card will be issued to the customer.
Annual fees, as applicable, are directly charged to the Cardholder account and the same would be displayed in the card statement of the month in which it is charged. There are separate fees for Additional Cards taken by the Primary Cardholder.
EMGPL retains the right to alter any charges or fees from time to time or to introduce any new charges or fees, as it may deem appropriate, with due intimation to cardholders.
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Fees Structure | Corporation Bank | Cancellation & Refund Policy
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In Reply to deepaksb 4 years ago

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