10th Nov 2020 11:19
(Alliance News) - Wizz Air Holdings PLC on Tuesday said it has inked a new service agreement with Chief Executive Jozsef Varadi.
The central and eastern Europe-focused airline said the contract term is indefinite and the terms of Varadi's service agreement are materially the same as his existing agreement. It added its decision underlines the board's confidence in Varadi's ability to lead the low-cost airline.
"Jozsef is our founding CEO. He has been a major driving force in developing Wizz Air into a leading player in European aviation and one of the world's true ultra-low-cost carriers. We are pleased he will continue to lead the business. While aviation is globally facing the most challenging period in its history, the Wizz Air business model, strategy and cost base positions it to be a long-term structural winner in the sector," said Chair Bill Franke.
Shares in the FTSE 250 company were trading 4.1% higher at 4,398.00 pence each on Tuesday morning in London.
By Ife Taiwo; [email protected]
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