Nikos Kardassis was succeeded by Gary Kenneth Toomey as chief executive officer of Jet Airways (India) Ltd. This was after Kardassis' resignation less than two months after the carrier agreed to sell a stake to Etihad Airways. This was announced by Jet Airways in a statement yesterday.

Toomey held office as CEO of Air New Zealand Ltd. and Airlines of Papua New Guinea Ltd. The new CEO will face increasing competition in the Indian market as AirAsia Bhd. will enter the scene later this year.

Naresh Goyal, chairman for Jet Airways agreed to sell 24% stake to Etihad. This will be done as the company seeks to replenish company funds following six years of losses.

Goyal said in a statement that Toomey's vast experience in airline operations will help Jet Airways to achieve the next phase of development.

Jet Airways increased as much as 7.9% to 464.80 rupees and changed 452.40 by 9:23 a.m Mumbai.

The reason behind the resignation of the previous CEO was not disclosed.