Troubled Fastjet puts a new crew on flight deck

Fastjet, the struggling Africa-focused budget airline, has unveiled a refreshed management team after naming a new chairman, director and finance chief.

The company, which has been raising cash to fund a revamp, installed turnaround specialist Rashid Wally as chairman. He previously held senior roles at IBM and joins from South Africa’s state-owned carrier Mango Airlines.

Chief executive Nico Bezuidenhout, who took the helm at fastjet eight months ago, said: "Rashid brings to fastjet not only his considerable understanding and experience of the African aviation market, but also a wider African and international business perspective, all of which I’m sure will prove invaluable."

Peter Hyde, appointed a non-executive director, provides UK transport expertise. A former transport equity analyst, he later ran easyBus. Fastjet said Hyde was not a representative of easyGroup, which is a top five shareholder in fastjet.

Michael Muller, who arrived at fastjet from South African Airways in November, was promoted to chief financial officer after predecessor Lisa Mitchell stepped down to “pursue other opportunities”.

Bezuidenhout added that the group was starting to see benefits of efforts to stabilise the group, including cost cutting, an overhaul of its fleet and stripping back its route network.