FastJet strengthens board with new chairman and CFO

FastJet has appointed a new chairman and chief financial officer, along with another director appointment, to strengthen its board as the African budget airline attempts to turnaround its fortunes.

The AIM-listed company has appointed Rashid Wally as chairman from 1 April. He was presently chairman and member of the Audit Committee at Mango Airlines, which he would step down from.

The move would see him reunited with Nico Bezuidenhout, chief executive and interim chair. Bezuidenhout was previously head of Mango Airlines for a decade.

FastJet has also appointed Michael Muller as its new chief financial officer, replacing Lisa Mitchell, who was stepping down by end-April to pursue other opportunities.

Muller has been with FastJet since November 2016, in the Johannesburg office, and was previously chief financial officer of South African Airlines subsidiary Air Chef. He was expected to play a role in FastJet moving its headquarters from London Gatwick to Johannesburg.

The company also appointed EasyBus board member Peter Hyde as a non-executive director.

Bezuidenhout has been attempting to turnaround the embattled airline after the company’s former chairman, Colin Child, left after less than a year and warned it needed more capital.

Earlier in the year Fast Jet raised £23m from a placing of 143m shares. In 2016, it raised £15m.