In a surprising move, Jet Airways' Chief Executive Cramer Ball resigned to his job, which the airline said was due to "family reasons".
Ball was appointed CEO of the airline at the request of its partner Etihad Airways, which had bought 24% stake in the Naresh Goyal-promoted Jet Airways in 2013 for $332 million.
As the exit of the carrier's former CEO Gary Toomey was rumoured to be a result of a clash between him and the management, Ball's resignation also raises such doubts.
But a senior executive of the airline "ruled out" such a possibility, saying: "He (Ball) had a great personal rapport with the chairman (Naresh Goyal)".
Under Ball's management, Jet Airways was able to turn profitable in the April-June quarter. The turnaround was also driven by falling jet fuel prices.
"Cramer has, during his tenure, made a significant contribution in the journey to turn around Jet Airways. The company recorded two consecutive profitable quarters after a gap of eight years," The Economic Times quoted Goyal as saying.
Ball's resignation will be effective from 29 February, 2016, and he is set to move to Eithad Airways' latest strategic partner, Alitalia.
Gaurang Shetty, who is currently the full-time director of Jet Airways, will take charge as the acting CEO of the carrier, said the company. Shetty has been working with the carrier for over two decades.
Meanwhile, Jet Airways' share rose sharply on Thursday supported by falling global crude oil prices and strengthing benchmark indices. Share price of Jet Airways ended 2.7% higher at Rs 614.95 on the Bombay Stock Exchange (BSE).