FORMER AIR SEYCHELLES CEO CRAMER BALL SET TO TAKE CHARGE AT JET AIRWAYS
(Posted 27th May 2014)
The cat is now finally out of the bag when it was announced earlier in the week that Cramer Ball, who on behalf of Abu Dhabi’s national airline Etihad steered Air Seychelles through the restructuring period and returned the airline to profitability, will be taking charge at Etihad’s Indian partner airline Jet Airways, the second largest private airline in India after IndiGo.
After a prolonged process of regulatory approvals did Etihad eventually secure a 24 percent stake in this private Indian airline which however just posted record losses according the latest information available from financial publications, the likely reason for the departure two months ago if the airline’s CEO. The annual loss increased nearly five times compared to the last financial year and poses a challenge to Etihad, which parter airline Air Berlin is equally struggling with sustained losses and needed a shareholder bailout to stay liquid and aloft.
The massive losses at Jet were at least in part attributed to a rise of nearly 30 percent in cost over the last year besides substantial one off write down’s of asset values.
The announcement of a fifth straight quarter loss went along with the appointment of Cramer Ball who earned himself a reputation as Etihad’s ‘Fixer’, having turned a loss making Air Seychelles around during his two year stint at the helm in Victoria before leaving at the end of his contract, ostensibly already knowing that his next task would take him to Mumbai where similar problems will await his arrival, just in much greater numbers.
All the best to Cramer who will no doubt have his work cut out for himself when he will take charge in June of this year.
