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Mango chairman moving to London-listed Fastjet

Rashid Wally, chairman of low-cost airline Mango, has resigned and taken up a similar role at the African airline Fastjet in London.
Mango is the low-cost subsidiary of South African Airways and is facing the prospect of restructuring or a merger with its parent airline, along with SA Express.

Wally said he had given formal notice on Thursday night. He is following former Mango CEO, Nico Bezuidenhout, who left at the end of July 2016 to head up the African-orientated airline.

Wally also said he had served on the board of Mango for 10 years, including three years as chairman. "It was time to move on, and I had a number of options," he said. "Fastjet is London-listed, it gives me tremendous exposure in that market, so I took this option."

Mango posted a R37m loss in the 2015-2016 financial year, a reversal from the R38m profit in the previous financial year. However, Wally downplayed this, saying the airline was still well-positioned: "They just need to adjust and think how best to utilise their assets."

Source: BDpro
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Comment
Nathan Davidson
When 2 or more businesses perform a merger, there will be several parties who will feel an impact towards a negative direction. The move taken by the former Mango CEO is one of the many solutions that can be taken early. This is to prevent himself from getting into a more troubled situation should his position be deemed as redundant when the official merger occurs.
Posted on 10 May 2017 08:40
Edward Thirlwall
Let's just wish this guy well as he moves on to a better position - with his credentials and experience in storage, I should think he'll be able to do a good job in the new company! Hopefully we'll see a lot of solutions and interesting deals coming from the new company in time to come now that he's moved over!
Posted on 11 Feb 2018 08:35

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