Directorate Changes - 24 March 2017

fastjet Plc
("fastjet" or the “Company”)

24 March 2017

Directorate Changes

Further to the announcement made on 5 January 2017, fastjet (AIM:FJET), Africa's low-cost airline, is pleased to  announce the appointments of a non-executive chairman, a non-executive director and a new Chief Financial Officer to its Board. These appointments, which will further strengthen and balance the fastjet Board, constitute another important building block in fastjet’s wider Stabilisation Plan and the transformation of its business.  

Rashid Wally has been appointed as Non-Executive Chairman with effect from 1 April 2017. Mr Wally is currently the Chairman and member of the Audit Committee of Mango Airlines (SOC) Ltd. He will be stepping down from Mango to take over the role of Chairman of fastjet from Nico Bezuidenhout, fastjet CEO, who was appointed Interim Chairman in November 2016.

In addition to his airline experience, Mr Wally has a track record spanning over 38 years in the information technology sector having held various senior executive positions with IBM in Africa, Europe, the Middle East, South East Asia and Lenovo in Africa. He is highly regarded for his corporate turnaround experience, having successfully completed many restructuring projects in his previous roles. Mr Wally also has significant corporate governance expertise which will benefit fastjet as it continues to expand and develop.

Peter Hyde has been appointed as a Non-Executive Director and Chairman of the Audit Committee with immediate effect. Mr Hyde brings extensive financial and UK corporate expertise to the Board, having spent more than 30 years in the financial services industry including extensively covering the transport and aviation sectors as a research analyst. Mr Hyde also has significant industry experience, having previously served as CEO of easyBus and having held senior project management roles at National Express. Mr Hyde is an independent Non-Executive Director and not a representative of the easyGroup.

fastjet also announces that Lisa Mitchell, Chief Financial Officer, has decided to step down from her role and directorship to pursue other opportunities. The Company has appointed Michael Muller as the new Chief Financial Officer. Ms Mitchell will remain in her role until 30 April 2017, or shortly thereafter, to facilitate an orderly transition with Mr Muller and to support the Company’s relocation process. Mr Muller has been with fastjet since November 2016, working out of the Company’s Johannesburg offices.

Mr Muller has more than 10 years’ experience in the aviation sector, including in management accounting roles with South African Airways and as CFO and director of Air Chefs, a subsidiary of South African Airways. Mr Muller is a member of the South African Institute of Chartered Accountants, having qualified in 2006.   

 

The names of all companies and partnerships of which Rashid Ahmed Wally, aged 72, has been a director or partner at any time in the previous five years are set out below:

Company

Status

Mango Airlines (SOC) Ltd     

Current

Invicta Holdings Limited

Current

Invicta SA Ltd

Current

 

The names of all companies and partnerships of which Peter Michael Hyde, aged 53, has been a director or partner at any time in the previous five years are set out below:

Company

Status

MSFP Consulting and Investment Limited  

Current  

easyBus Limited

Previous

Liberum Capital Limited

Previous

 

The names of all companies and partnerships of which Michael John Muller, aged 38, has been a director or partner at any time in the previous five years are set out below:

Company

 Status

Air Chefs (Pty) Ltd

 Previous

 

“I would also like to personally thank Lisa for her significant contribution and dedication to the fastjet Board and senior management team. She leaves with our best wishes for the future.Nico Bezuidenhout, Interim Chairman and CEO commented:  “I am delighted to welcome Rashid, Peter and Michael to fastjet. The considerable range and depth of experience and expertise they bring will prove invaluable as the Company moves forward in 2017 and beyond.There are no other matters which are required to be announced pursuant to paragraph (g) of Schedule 2 to the AIM Rules.

“The benefits of our Stabilisation Plan are beginning to materialise and we look forward to pursuing fastjet's medium to long-term objective of becoming the first truly pan-African low-cost airline with the support of our newly-strengthened Board.”

 

This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation.

 

For more information, contact:

fastjet Plc
Nico Bezuidenhout, Interim Chairman and Chief Executive Officer
Tel: +44 (0) 20 3651 6307

Liberum Capital Limited - Nominated Adviser and Broker
Clayton Bush
Jill Li
Dominik Götzenberger

UK media - Citigate Dewe Rogerson 
Eleni Menikou
Toby Moore
Nick Hayns

Tel: +44 (0) 20 3100 2222

 

Tel: +44 (0) 20 7638 9571
South African media - Tribeca Public Relations 
Cian Mac Eochaidh
Kelly Webster
Tel: +27 (0) 11 208 5500

 

NOTES TO EDITORS

About fastjet Plc

fastjet Plc is the holding company of the low cost airline fastjet which commenced flights under the fastjet brand in Tanzania in November 2012. By adhering to international standards of safety, quality, security and reliability; fastjet has brought a new flying experience to the African market at unprecedented low prices. Utilising a fleet of modern jet aircraft, fastjet has a long term strategy to implement the low-cost carrier model across Africa to become the continent's first low-cost, pan-Africa airline.

The results of the second quarter 2016 customer satisfaction surveys showed that an average of 73% of customers were likely to recommend fastjet to a friend. In developing its strong brand and identity, fastjet has won and been nominated for a number of awards, including Africa's Leading Low-Cost Airline 2016 at the 23rd World Travel Awards, winning three Transform awards for the rebrand and launch of fastjet, the award for "Brand Strategy of the Year" at 2014's Drum Marketing Awards in London, and the Transport Innovator Award at the 8th Transport Africa Awards 2015 in Johannesburg.

This announcement contains inside information for the purposes of the Market Abuse Regulation.

fastjet Plc is quoted on the London Stock Exchange's AIM Market.

For more information see www.fastjet.com

 

Posted on 24th March 2017