8th Apr 2016 08:18
LONDON (Alliance News) - African low-cost carrier Fastjet PLC on Friday said Non-Executive Director Robert Burnham will now seek to keep his post on the board, reversing previous plans for him to step down at the airline's annual meeting of shareholders.
In December, Fastjet had said that Burnham would not stand for re-election at its annual meeting.
Bryan Collings, another non-executive director, has resigned from the board with immediate effect, Fastjet said on Friday. He had been expected to leave the board at the end of the company's annual meeting, according to an announcement in December.
Last week, Fastjet said it did not believe it had breached a brand licence agreement with easyGroup Holdings Ltd, owned by billionaire investor Stelios Haji-Ioannou, which owns a 13% stake in the airline. EasyGroup had alleged that Fastjet had breached the deal.
Ed Winter resigned as Fastjet chief executive earlier in March along with general counsel Krista Bates, one week after the airline issued a profit warning for 2016. Haji-Ioannou had blamed them for "ridiculous cost overheads" at Fastjet. Non-Executive Chairman Colin Child is acting in an executive capacity until a new chief executive joins.
Shares in Fastjet were up 0.7% at 28.45 pence on Friday morning.
By Samuel Agini; [email protected]; @samuelagini
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