Fastjet shareholder calls for board of directors to be fired
The founder of EasyJet, Sir Stelios Haji-Ioannou, a major stakeholder in Fastjet, has demanded that the LCC's directors be sacked.
Haji-Ioannou called a general meeting to dismiss chief executive Ed Winter, and director Krista Bates, due to concerns over costs.
Winter announced his intention to step down earlier this year, pending a replacement being found.
In a letter to Fastjet, Haji-Ioannousaid: “The company has a ridiculously high cost base ... Winter has burnt some £80m in the last 3 years. We believe the company will run out of cash sometime in 2016. We now have about six months left to steady this ship.”
Haji-Ioannou questioned costs such as a London-based head office, and unrealistic revenue forecasts for the six aircraft fleet.
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