1Time CEO resigns
From Business Day today:
A COMBINATION of higher airport charges, increased fuel prices and weak passenger demand pushed low-cost carrier 1Time Holdings into a loss for the six months to June.
The company said founder, group CEO and financial director Glenn Orsmond was leaving, but he would remain acting financial director until November.
Nonexecutive director Blacky Komani has been named Mr Orsmond’s successor as CEO.
"I have no plans. I want to recharge my batteries and I’m going to move down to Cape Town and take a break before I look for something else to do," Mr Orsmond said. "I think it’s the right time to go after eight years. I am still a big shareholder, I have 22-million shares in the company. I wasn’t pushed, if that is what you are going to ask."
Rodney James, CEO of subsidiary 1Time Airlines and co-founder of the company, said the departure of Mr Orsmond was "personally a tough one for me".
In the next month or two 1Time will announce which aircraft it has selected for its fleet renewal programme set to start next year, Mr James said.
The company said it was concerned at the 70% increase in Airports Company SA passenger taxes from October 1.
The outlook for the second half was brighter with "higher revenue driven by higher demand in the seasonally stronger second half," the company said.