Kingfisher Airlines CEO Sanjay Aggarwal resigned

Chief Executive Officer (CEO) of Kingfisher Airlines Sanjay Aggarwal resigned on 17 February 2014.
He had joined kingfisher Airlines on 30 September 2010.

Prior to Kingfisher, he was working with SpiceJet Airlines ltd. Aggarwal had led SpiceJet as its CEO and led the low-cost airline back to profitability. He quit the airline when media baron Kalanithi Maran of Sun TV Network Ltd bought SpiceJet in June 2010.

Prior to joining SpiceJet, Aggarwal was Chief Operating Office of Flight Options. Flight Options is the second largest private jet provider of world. He had also worked for US Airways for six years.

The Mumbai-based Kingfisher Airlines had accumulated losses of 16023.46 crore rupees as on 31 March 2013 and its net worth was a negative 12919.82 crore rupees. Kingfisher Airlines was launched in 2005.

Kingfisher’s operating license was suspended in October 2012 by aviation regulator Directorate General of Civil Aviation following a strike by the airline’s employees. The permit has since expired, although it can be renewed within two years, which is by October 2014.

Meanwhile, a group of 14 lenders led by State Bank of India (SBI) that has an exposure of 7000 crore rupees to the airline is trying to recover at least 1000 crore rupees from it by selling assets such as buildings, helicopters and other fixed assets.