Business

Fastjet chief leaves after intervention by Sir Stelios

Fastjet aircraft

The boss of Fastjet is stepping down two weeks after the African budget airline's major shareholder Sir Stelios Haji-Ioannou called for his immediate dismissal.

Ed Winter will leave this week following three profit warnings in the last 12 months.

Fastjet appointed a headhunter in January to find a replacement, but said Mr Winter would stay for 12 months as an advisor.

He will now leave on 18 March.

Last month, in a letter to Fastjet chairman Colin Child, Sir Stelios said he had "lost faith in the management and current board", adding that "unless the board does some serious cost cutting the company will soon run out of cash."

In its most recent profit warning earlier this month, Fastjet admitted that it may need to raise more funds.

Sir Stelios, the founder of low cost airline Easyjet, holds a 12% stake in Fastjet.

He had also called for Krista Bates, Fastjet's general counsel, to leave. The company announced on Monday that she will step down immediately.

Mr Child will become executive chairman until a replacement for Mr Winter, who was chief executive for four years, is found.

Shares in Fastjet fell 1.1% to 36 pence.

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