fastjet CEO Ed Winter steps down

[Ethiopia]

fastjet CEO Ed Winter steps down (http://aviationtribune.com/airlines/africa/item/3175-fastjet-ceo-ed-winter-steps-down)

[Vc10Tail]

Why jump ship before seeing the fruits of your labour??

[Fuzzy Lager]

Because its tanking

[pr100]

Either because he wants to retire (he's nearly 70) or - more likely - major shareholder Stelios asked him to take a pay cut…as Stelios often likes to do.

In any event, he is stepping down on something of a high having finally secured the bilateral landing rights in Kenya and got the Fastjet Zimbabwe hub up and running (including the recently announced Harare and Victoria Falls routes to Jo'burg, which are allegedly cash cows.

Although not yet profitable, the company is projecting that it will start to generate cash sometime this year.

[hunterboy]

I seem to remember he wasn't call Thick Ed for nothing.....

[pr100]

I wish I could be that thick…

Board of Directors - Corporate - fastjet (http://www.fastjet.com/ke/en/corporate/board-of-directors)

[Mgggpilot]

Nico Bezuidenhout has been appointed as a Chief Executive Officer (CEO). Nico will take up his position and join the fastjet Plc board on 1 August 2016.


Nico is currently the CEO of Mango Airlines, the low cost carrier subsidiary of South African Airways (SAA) where he has been CEO since Mango commenced flights some ten years ago. In addition to playing a pivotal role in the success of Mango, which has been profitable in eight of the past ten years, Nico has also twice acted in the capacity of interim CEO of SAA, its parent company.

Mango operates a fleet of ten Boeing 737-800 aircraft and has built up a 25% market share of the South African domestic air travel market. It has achieved a low cost base, high aircraft utilization and sustained good load factors.

SOURCE:
http://www.fastjet.com/tz/en/corporate/investor-news/directorate-change-9

[pr100]

He seems ideal.

[Bigpants]

New man sounds very capable.

[Helvetica]

Well NB is a good airline manager, and he's not the employee's best friend. Ed has stepped down, as you do in these jobs, with a good deal and the condition that he goes quietly. That's how it works in business, I don't have to tell you.

Will N do a good job? Of course he will. That doesn't mean that it will be a happy place anymore than it is now.

Good luck you all.

[pr100]

I see that Fastjet's share price has almost doubled since the announcement so the appointment has been universally well received -- except perhaps at SAA/Mango.