Africa’s low-cost airline fastjet announced 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 Stabilization Plan and the transformation of its business, the LCC stated.

Rashid Wally has been appointed as Non-Executive Chairman with effect from 1st of April 2017. Wally is currently the Chairman and member of the Audit Committee of Mango Airlines (SOC). 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.

fastjet said that Wally is highly regarded for his corporate turnaround experience, having successfully completed many restructuring projects in his previous roles. Wally also has significant corporate governance expertise which will benefit fastjet as it continues to expand and develop.

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Solenta Aviation Holdings ( Solenta ), a commercial aviation group based in Johannesburg, South Africa, has acquired 28% of Africa‘s LCC fastjet .  fastjet has agreed to issue Solenta 95.6 million new ordinary shares, valued at $19.2 million. Solenta will have the right to enter into the three ordinary course wet-leases and other services over the next five years.
 

In addition, Peter Hyde has been appointed as a Non-Executive Director and Chairman of the Audit Committee with immediate effect. 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. Hyde also has significant industry experience, having previously served as CEO of easyBus and having held senior project management roles at National Express.

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. Muller has been with fastjet since November 2016, working out of the Company’s Johannesburg offices.

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.

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.

The benefits of our Stabilization Plan are beginning to materialize 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.”


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