Brave Bezuidenhout tackles tough task, but after Myeni and Mango, why not?

By Alec Hogg

In business, young lions often go where greybeards fear to tread. Latest example is Mango founding CEO Nico Bezuidenhout (39), yesterday uncovered as the new CEO of FastJet, a wannabe Pan African discount airline. FastJet was created in 2012 by two UK-based entrepreneurs, former Lonrho CEO David Lenigas and EasyJet founder Sir Stelios Haji-Ioannou promising to conquer Africa, “aviation’s last frontier.”

But the realities of pioneering have seen the AIM-listed company’s shares collapse from over ÂŁ40 in early 2013 to just 30p today – down 98%. Its target of having 30 planes selling 10m seats a year by 2018 is a world away from the current five planes and 800 000 passengers. The Tanzanian-headquartered discount airline has lost almost $100m in the past two years and will be cash negative again in 2016.

FastJet’s share price jumped 14% yesterday on Bezuidenhout’s appointment reflecting relief that the listing ship has finally found a captain. Winter (69), who was ejected in March, admitted that doing business in Africa was far more difficult, and slower, than he’d ever thought possible. He never relocated from the UK, preferring to commute when required.

Bezuidenhout knows the terrain intimately. And after dealing with odious SAA chair Dudu Myeni, even the famously difficult Sir Stelious will be a breeze. At the current share price, FastJet is worth a piddling ÂŁ17m. With a little luck, those backing the Mango boss now could be handsomely rewarded.

From Biznews community member Willem Louw

There are several reasons why Nico is going to make a success of the new venture  I will mention three:

  1. The Bezuidenhout’s stem from a “harde gat” Afrikaner family and take no nonsense.
  2. He knows the thinking of Africa.
  3. He knows the thinking of the Arabs. I will bet my last penny that Emirates will be on board (by way of speaking) in the near future.

From Biznews community

Now check how fast this jet’s going to fly…great investment and healthy competition for local airfares.

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