India's private carrier Jet Airways said Friday that its chief executive Nikos Kardassis has resigned from the firm. "Nikos Kardassis has resigned with effect from June 5," the airline said in a statement to the stock exchanges, without disclosing the reason. The carrier's chief operating officer Hameed Ali will be the "acting CEO", until a replacement for Kardassis is appointed. The airline thanked Kardassis for his "significant contributions" to the airline over a period of five years, the statement said. Jet Airways in April approved a landmark deal through which Abu Dhabi-based Etihad will pick up a 24 percent stake in the Indian airline. Etihad is reportedly keen for a change in Jet's management. On the newly revamped Jet Airways board, the Indian carrier will have four members and the Gulf carrier three members, including the CEO. The Jet-Etihad deal is the first overseas investment in an existing Indian carrier since the government eased restrictions in September to allow foreign firms a 49 percent stake in domestic airline companies. Jet is India's second-largest airline, with a 22.6 percent market share, according to the country's civil aviation regulator. Last month, Jet reported a quarterly net loss of 4.96 billion rupees ($90 million) in the three months to March, against a loss of 2.98 billion rupees a year earlier, after being hit by rising costs.
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