Shareholder bully gets his way at Fastjet


(Posted 16th March 2016)

Ed and Krista are two fundamentally decent people and their stepping aside is to spare the company a very turbulent period with board room wrangles when Fastjet in fact needs all hands on deck and concentrate on sorting out the market challenges‘ suggested a source close to the airline when confirming that both individuals would leave this week following the savage attack on them by Stelios Haji-Ioannou two weeks ago. Stelios Haji-Ioannou, founder of EasyJet – and notably also in disagreement with the current management of that airline – holds 12 percent of the Fastjet shares.
Krista Bates, until her stepping down as General Counsel of Fastjet PLC on Monday this week, will be followed by Ed Winter, outgoing CEO who will leave the airline by the end of the week.
Ed had already some months ago declared his desire to leave but consented to stay on until a successor could be appointed, something which clearly incurred the wrath of SHI.
It is understood that the Chairman of the Board of Directors Mr. Colin Child will for the time being serve as Executive Chairman, until a new CEO has been recruited, a process which is reportedly well underway already.
The Extraordinary General Meeting demanded by SHI is now likely not taking place as events this week superseded the EGM’s agenda.
Colin, probably to the dismay of SHI, promptly praised the contributions of both Ed Winter and Krista Bates over the past few years.
Watch this space for breaking and regular aviation news from the wider Eastern African region.