African budget airline Fastjet said chief executive Ed Winter will step down on March 18, after its founder and the second-largest shareholder, Mr Stelios Haji-Loannou called for his dismissal.
Stelios Haji-Ioannou, who owns a 12 percent stake in Fastjet in February called for a general meeting to dismiss Winter immediately. He had warned that the company he co-founded, faces a cash crisis and he was ready to oust its chief executive because he had “lost faith” in the management team.
Haji-Ioannou had also called for the removal of general counsel Krista Bates and the appointment of non-executive chairman Colin Child to an executive position.
Haji-Ioannou, who founded easyJet in 1995, said Winter had created significant overheads for the company, resulting in a high cost base.
Fastjet said Bates would step down immediately and that Child would be appointed executive chairman until a new CEO is appointed.
