Fastjet chairman steps down

Fastjet has reported its chairman, Colin Child resigned from his post as the African airline prepares to raise more capital next year due, the company said.

The company said that having led a USD19.5 million fund raising campaign in July 2016, Child believed it was not appropriate for him to continue in this role given that the company plans to initiate a fresh capital raising effort in the first quarter of 2017 in response to additional costs associated with its restructuring plan.

Chief executive Nico Bezuidenhout is scheduled to assume the role of interim chairman pending the appointment of a new non-executive chairman.

Fastjet is a low-cost African airline that expects to achieve a 25 percent reduction in fixed operating costs and overhead expenses, and break even by the fourth quarter 2017.