Jet Airways announces change of CEO

Direct News Source

08-Oct-2009 Mr. Wolfgang Prock-Schauer, Chief Executive Officer has resigned from the services of the company, effective 15-Oct-2009. Mr. Prock-Schauer wishes to rejoin his family in Europe and will be joining British Midland PLC (bmi) as its Chief Executive Officer and will be based in UK.

Mr. Prock-Schauer has been at the helm of Jet Airways since June 2003 and has guided the company during the critical period of its international expansion growth.

Mr. Prock–Schauer conveys his gratitude to the Chairman, Mr. Naresh Goyal and the Members of the Board for their guidance and support.

The Chairman and the Members of the Board thank Mr. Prock–Schauer for his leadership and commitment to the company during his tenure as the Chief Executive Officer.

Effective 15-Oct-2009, Mr. Nikos Kardassis, will take over as Acting Chief Executive Officer of the company. Mr. Kardassis who was formerly the CEO of Jet Airways from 1994 to 1999 brings with him a wealth of experience of both the Aviation industry and the financial services.

Mr. Kardassis began his career with TWA holding various finance and operational positions. He has over two decades of extensive leadership and business management experience. He joined Merrill Lynch from General Electric where he served as President for GECAT. Mr. Kardassis was also the Managing Director and Head of Business Development and Distribution for the Global Bank Group at Merrill Lynch.

In the past 18 months Mr. Kardassis has served as Senior Vice President, The Americas for Jet Airways, and has been closely involved in the restructuring, cost / network management of the airline and has been working as Senior Advisor to the Chairman on both Finance and Strategy.