Sanjiv Kapoor named new CEO of Jet Airways
Jet Airways has appointed Sanjiv Kapoor as the new CEO of the airline company. Kapoor has previously served at SpiceJet as its Chief Operating Officer and at Vistara as its Chief Strategy and Commercial Officer, TOI reported. He resigned as the President of Oberoi Hotels on Thursday and is expected to take over his new role at Jet Airways from April 4, 2022.
Why does this story matter?
Jet Airways ceased operations in April 2019, owing to mounting losses, debt, and dues. In June 2021, the National Company Law Tribunal accepted the Jalan-Kalrock Consortium's resolution plan after two years of protracted insolvency proceedings. Now, the airline is in the process of renewing its operating permit. Jet already employs approximately 150 personnel and is in talks with vendors, including lessors, regarding the relaunch.
Kapoor's track record made his selection possible
Kapoor, who joined SpiceJet in November 2013, led the airline in a period of record-high oil prices. He helped it reduce losses by half and obtain a market share of 23% before it faced a cash crunch crisis. Also, Vistara expanded from nine to 45 aircraft during Kapoor's tenure. He oversaw the airline's major areas, including strategy, network, marketing, and commercial functions, among others.
Jet Airways has large fanbase of loyal customers: Kapoor
Following the news of his appointment, Kapoor issued a complimentary statement about Jet Airways. He said despite not operating for nearly three years, Jet still has "a large fanbase of loyal customers" who "can't wait for it to take to the skies again." "I look forward to leading the charge in rebuilding Jet Airways into the most preferred customer-oriented airline once again," Kapoor added.
Kapoor is people's person and great leader: Consortium's Lead Partner
Murari Lal Jalan—Lead Partner of Jalan-Kalrock Consortium and proposed Non-Executive Chairman of Jet Airways—said he was delighted to have Kapoor join his team. "Sanjiv is a people's person and has all qualities of a great leader," the Free Press Journal quoted him as saying. "I am certain he will be able to lead Jet Airways and make it...the most preferred full-service carrier," Jalan said.
