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Don't have an account? Click here to register.Fastjet appoints Nico Bezuidenhout as new CEO
Thu, 09th Jun 2016 14:32
(ShareCast News) - Fastjet has confirmed they have appointed Nico Bezuidenhout as its new chief executive on Thursday.Bezuidenhout, 39, will join Fastjet on 1 August, after 10 years as chief executive of South African Airway's low cost subsidiary Mango Airlines. He was chief executive from the airlines inception and twice served as acting chief of the parent company.During Bezuidenhout's time at Mango, the airline's market share grew 25% of the South African domestic air travel market, the fleet grew to 10 Boeing 737-800 aircrafts, and was profitable for the past eight out of 10 years.The London-based company's previous boss Ed Winter left in March after being ousted by Fastjet's second biggest shareholder, easyJet founder Sir Stelios Haji-Iannou.Sir Stelios founded Fastjet and has a 12% stake. He claimed Winter had "burnt some £80m in the last three years".The pan-African airline warned in March that its full-year earnings would miss expectations with low demand and cash flow. Bezuidenhout joins FastJet with high expectations as the company has ambitions to become the first low-cost pan-African airline.Interim chief executive of Fastjet Colin Child said: "The board is delighted that Nico will be joining fastjet as CEO. He brings strong commercial and strategic skills and a wealth of experience of operating a low-cost carrier."This experience, together with his detailed knowledge of the markets in which Fastjet operates, will be invaluable to the company as it seeks to capture the growth opportunities in the region."Bezuidenhout added: "Although market conditions are currently challenging, I am confident that we can build on the airline's existing operational base to strengthen and develop the business and deliver on its considerable potential."
More News
25 Nov 2016 09:02
Fastjet shares dive after chairman resigns
(ShareCast News) - Africa's low-cost airline Fastjet tanked in early markets after its chairman resigned due to the company requiring further capital. Chairman and Director of the company Colin Child stepped down as he felt it would be inappropriate to stay on after the company decided to initiate a
Read more3 Oct 2016 16:55
Fastjet sells Airbus A319 to Avtrade
(ShareCast News) - Fastjet, an African based low-cost airline, has entered into a binding sale agreement of its solely-owned Airbus A319 with Avtrade. The consideration is to be paid $8m in cash with a 10% deposit payable on signature of the agreement and the balance on delivery. Included in the ag
Read more21 Sep 2016 11:03
Wednesday newspaper share tips: Fastjet, Pennon Group
(ShareCast News) - Fastjet has set itself from apart from its peers in Africa looking to leapfrog bottlenecks in the country's infrastructure by various means, the Financial Times said. Whereas many idealistic businesses tended to get mugged by the harsh realities of the Continent, Fastjet's travail
Read more20 Sep 2016 09:54
Fastjet's losses widen as it plans to cut costs and relocate
(ShareCast News) - Africa-based budget airline Fastjet's shares plummeted 17% on Tuesday morning as the company reported its losses widened in the first half. For the six months ended 30 June, operating losses from continuing activities rose to $31m from $12.8m the same period last year. The loss fr
Read more21 Jul 2016 13:51
Fastjet to raise £19.2m to fund new business plans
(ShareCast News) - Tanzania-based budget airline Fastjet announced a placing and open offer to raise £19.2m and said it plans to be in a cash-flow break-even position by the end of next year. The issue price of 50p represents a significant premium of around 116% to the closing price of the shares on
Read more28 Jun 2016 08:45
Fastjet to raise more funds amid challenging markets
(ShareCast News) - Tanzania-based budget airline Fastjet said on Tuesday that it needs to raise further finance to provide essential working capital and effect the necessary changes to its operations as the trading environment remains challenging. The company said it has begun the initial phases of
Read more21 Jun 2016 15:04