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Fastjet descends as CEO takes off

The low-cost carrier said Nico Bezuidenhout would leave the firm at the end of September

fastjet aircraft
Deputy CEO Mark Hurst will now step into the role until a permanent successor is found

Shares in troubled airline Fastjet PLC (LON:FJET) descended further on Tuesday on news that its long-serving chief executive Nico Bezuidenhout will be leaving the company at the end of September.

The low-cost African carrier said Bezuidenhout would leave the firm to re-join a business of which he was the original founding CEO, while deputy CEO Mark Hurst would step into the position until a permanent successor was found.

READ: Fastjet expecting to squeeze out small underlying profit this year

Rashid Wally, Fastjet’s chairman, said Hurst would be focusing on consolidating the company’s position in its core markets as well as exploring “other opportunities for growth”.

However, the news of the CEO’s departure seemed to have sent some investors scrambling for the parachutes, with the shares falling 6.4% to 1.5p in lunchtime trading.

Quick facts: Fastjet PLC

Price: 0.151 GBX

Market: AIM
Market Cap: £5.74 m

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