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Nico has failed in spectacular fashion. He claimed he would reduce costs. This is how he sold himself to shareholders and also to the ex chairman to achieve the CEO position. The figures speak for themselves. Cost per ASK was 13.3 cents in H1 2018 vs 10.88 cents in H12017. A staggering INCREASE of 22%. No sign of a reduction in costs whatsoever. And what was he thinking with the plan to introduce yet another fleet, what a rediculous idea. A real shame the remuneration of the board is not available in the accounts, I sincerely hope that Nico has in no way been rewarded for his failings. He would have been rewarded handsomely if he had succeeded as part of his deal with the share options (30p)
https://www.fastjet.com/upload/Documents/Fastjet%20Annual%20Report%20and%20Accounts%202017%20(H).pdf
Nico’s Salary is listed here as $410,000 for FY 2017. Additionally, he was awarded a $400,000 signing on bonus in August 2016, payable this year. An astronomical salary for an individual presiding over a continuing financial loss. They’d have done about as well by hiring a circus clown and just leaving him in the local pub!
The salary awards for the BoD's are all so incestuous. The 2 Executive Directors remuneration (Nico Bezuidenhout and Michael Muller) is decided by the remuneration commmittee, which comprises the 3 Non Executive Directors on the Board (Rob Burnham, Rashid Wally and Peter Hyde).
The full 5 man BoD's then discuss and decide what the 3 Non Executive Directors salaries/fees should be.
So the remuneration of all 5 menbers of the BoD's is hatched up amongst themselves with no external input.
I think all the negative commentary on this page, especially about Nico is nonsensical. The strategy is sound, but this is Africa, and if you are reasonably versed in the current political economy of that nation you will be aware that they seem to be destroying the mining sector too and highly suspicious of any FDI. In addition, Fastjet already turned Zimbabwe around and Mozambique is doing well. Nico’s pedigree and successes at Mango and SAA earned him the job and if you have closely followed the fastjet narrative you would know the legacy issues the new team have had to deal with thanks to Ed. This is a fastjet version 1 hangover, and what they – the new team - have achieved in a year, in Africa – a tough place to do anything as it is, makes all the nasty comments on this page an expression of ignorance rather than insight.
Nico has been as big a disaster as Ed.He has not cut costs in the last 12 months burned cash etc.The 3 aircraft sitting in Toulouse the mind boggles on what plans he had for them .
He knew what the 6 months accounts were in June when he went to the shareholders and fed them with a rosy picture
Mr Schulz - you really make me laugh. Of course we all know that Africa is a difficult place to do business - we're not stupid! But come on - are you really trying to convince people that Nico stabilised the business? Has he even got the right model with the aircraft type he is running? Why, with a load factor of 75%, are these losses widening? Where has all the money gone? Around one billion dollars has been pumped in and all we've had are incompetent individuals at the helm signing off their half million cheques and awarding themselves a cash pile for serious failings. Are you invested Mr Schulz? They got involved with Henderson years ago and that relationship was toxic.... realistically they should hold their hands up, sell everything and give something back to shareholders - they've been back at the begging bowl too many times - they do not deserve to continue trading.
B.Schulz, I’m not sure how on one hand you can stick up for Nico claiming TIA and then in the very next sentence blame Ed for getting fastjet into this mess in the first place. Slightly hypocritical. Yes, Africa is a challenging place. But the cost of a fleet replacement is astronomical. To then try and add a second fleet (and without any assurances that it can be deployed) is unnecessarily bad risk taking. Finally, Nico’s remuneration is outrageous. Yes, if he’d turned it around and he was keeping some of the profit I’m sure shareholders would be more than happy, but that’s just not the case.
They should turn to BEIJING for cash....Africa and CHINA seem to be doing far better together than Europeans are
Nuri, I just thought I would see what the general feeling was
was on this stock and could not believe you are still
showing an interest in this stock.
I had a small investment maybe 18 mths ago, and you
were forever posting that this enterprise was doomed
having incurred big losses...don’t tell me you got back in !!!
If you did , more fool you.
If you didn’t, what the kcuf are you doing posting here...
Do u find it impossible to erase memories and just on some sort
of nostalgic trip ?