EasyJet founder turns up heat on Fastjet
Stelios Haji-Ioannou has called for the immediate dismissal of the CE of Fastjet as he turns up the heat on the airline he set up to replicate EasyJet’s model in Africa. Haji-Ioannou said he was using EasyGroup’s 12% shareholding to demand a general meeting after losing “faith” in the management and board. He called for the removal of Ed Winter, who has been Fastjet’s CE since it was founded 4 years ago, and Krista Bates, a board director. Haji-Ioannou criticised Fastjet’s “ridiculously high cost base”, claiming that Winter had “burnt some GBP80m in the last 3 years”. “At the current cash burn rate we believe the company will run out of cash sometime in 2016. We now have about 6 months left to steady this ship. Time is of the essence,” Haji-Ioannou wrote in a letter to the carrier's chairman. <br/>
https://portal.staralliance.com/imagelibrary/news/hot-topics/2016-03-01/unaligned/easyjet-founder-turns-up-heat-on-fastjet
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EasyJet founder turns up heat on Fastjet
Stelios Haji-Ioannou has called for the immediate dismissal of the CE of Fastjet as he turns up the heat on the airline he set up to replicate EasyJet’s model in Africa. Haji-Ioannou said he was using EasyGroup’s 12% shareholding to demand a general meeting after losing “faith” in the management and board. He called for the removal of Ed Winter, who has been Fastjet’s CE since it was founded 4 years ago, and Krista Bates, a board director. Haji-Ioannou criticised Fastjet’s “ridiculously high cost base”, claiming that Winter had “burnt some GBP80m in the last 3 years”. “At the current cash burn rate we believe the company will run out of cash sometime in 2016. We now have about 6 months left to steady this ship. Time is of the essence,” Haji-Ioannou wrote in a letter to the carrier's chairman. <br/>
