Fastjet PLC

Fastjet making headway with ‘stabilisation plan’ as it strengthens board

The low-cost airline has appointed a new non-executive chairman, non-executive director and chief financial officer

fastjet plane
Fastjet wants to become "the first truly pan-African low-cost airline"

Africa-focused low-cost airline Fastjet PLC (LON:FJET) has told investors that it’s making good progress with its stabilisation plan after strengthening its board this morning.

Rashid Wally has been appointed as non-executive chairman which will take the pressure off chief executive Nico Bezuidenhout who has been acting as interim chairman since November.

Wally – who has worked in senior executive positions at IBM and Lenovo – will officially take up his new position on 1 April, by which time he will have left his role as chairman at Mango Airlines.

Fastjet has also appointed former easyBus chief executive Peter Hyde as its new independent non-executive director with immediate effect

Hyde – who will also chair the company’s audit committee – has previously worked as a transport and aviation analyst, in addition to his roles at easyBus and National Express.

The third and final appointment to the board is Michael Muller as chief financial officer, who is taking over from the outgoing Lisa Mitchell.

Mitchell – who is stepping down to “pursue other opportunities” – is staying with the company until the end of April to make sure the transition is a smooth one.

New CFO Muller has more than a decade of experience in the aviation sector with companies such as South African Airways and director of Air Chefs.

“I am delighted to welcome Rashid, Peter and Michael to fastjet. The considerable range and depth of experience and expertise they bring will prove invaluable as the company moves forward in 2017 and beyond,” said chief executive Nico Bezuidenhout.

“The benefits of our Stabilisation Plan are beginning to materialise and we look forward to pursuing fastjet's medium to long-term objective of becoming the first truly pan-African low-cost airline with the support of our newly-strengthened board.”

Shares were unchanged at 16.75p this morning.

Quick facts: Fastjet PLC

Price: £0.01

Market: AIM
Market Cap: £54.16 m

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