Jet Airways founder agrees to step down, sources say; shares rise | Reuters

Jet Airways founder agrees to step down, sources say; shares rise | Reuters:

Jet Airways’ founder Naresh Goyal has agreed to step down as chairman of the airline’s board, two sources with direct knowledge of the matter told Reuters on Thursday, as the cash-strapped Indian carrier struggles to finalize a rescue deal.

Goyal, who founded the full-service carrier 25 years ago, has also agreed to reduce his 51 percent stake in the airline but would continue to be a part of the company in some capacity even after stepping down as chairman, one of the sources said.

Shares of Jet rose as much as 7 percent in early trade on Friday.