Founder Naresh Goyal quits Jet Airways, sends emotional letter to employees, says 'not end of journey'

Jet Airways founder and Chairman Naresh Goyal and his wife Anita, stepped down from the company's board on Monday. Goyal in an emotional letter to his employees said the decision is 'not the end of the journey but the start of a brand new chapter'. Jet Airways chairman made up his mind today to quit his post to solve the financial crises and loan repayment issues his airline is facing. Goyal in a letter to company's 22,000 employees wrote, ''Our airline stands poised to turn the page, ready to fly out of the turbulence and soar into a bright new future.'' He also mentioned the debt-recast plan, and expressed hope it will put the carrier on a 'sounder and sustainable' financial footing.  

After Goyal's exit, a consortium of lenders led by SBI has now become the new owners of the airline with 51 percent equity holding. Goyal's holding has halved as has that of Etihad in the resolution process approved on Monday.

Goyal, in his letter said that he has seen Jet Airways grow from a fleet of just four aircraft flying to 12 routes in the first year, to a peak fleet of 124 flying to over 550 destinations.

He gave the credit for this success to the tireless, unrelenting efforts of each and every one of the employees, tight-knit members of the Jet Airways family.  

Here are the top points Naresh Goyal elaborated on in his letter to Jet Airways employees:

"I'd like to humbly and with immense love and gratitude, inform you that both Anita and myself are stepping down from the board of Jet Airways with immediate effect.

"Our airline stands poised to turn the page, ready to fly out of the turbulence and soar into a bright new future.

"We've not come to this decision lightly but this is not the end of the journey, rather it is the start of a brand new chapter.

"It has truly been a labour of love that Anita and I, together with all of you have built collectively with our blood, toil and tears. Looking back I wouldn't want to change a thing. Not the triumphs, nor the trials and tribulations, challenges nor sweat equity.

"For the past 25 years, Jet has been a way of life for Anita and me. Very few people are fortunate enough to live their dreams and we have been truly blessed to be one among those few.

"I'd also like to take this moment, to acknowledge the contribution of my wife, confidant and partner Anita without whom this journey would just not have been possible."