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fastjet CFO to resign next March

The company said it was now searching for a new CFO and anticipated that there would be “an adequate handover period” as the position changed hands

Fastjet aircraft
The news is unlikely to be taken positively after investors were warned the company was on the brink of going bust in November

Africa-focused budget airline fastjet PLC (LON:FJET) said that its chief financial officer, Michael Muller, will leave the firm in March 2019 after tendering his resignation.

The company said it was now searching for a new CFO and anticipated that there would be “an adequate handover period” as the position changed hands.

READ: fastjet shares nosedive as it warns it could go bust by the end of the month

The news is unlikely to fill investors with confidence, particularly after they were warned by fastjet’s founder Sir Stelios Haji-Ioannou in November that the company could go bust if they didn’t stump up more money.

The ambitious carrier set out to be the continent’s first low-cost pan-African airline, but it has struggled to gain traction in its target markets.

It is also the second time the airline has warned that it could go under, having previously warned of impending collapse in June.

In late-afternoon trading Friday, fastjet shares were steady around 1.38p.

Quick facts: Fastjet PLC

Price: 1.425 GBX

AIM:FJET
Market: AIM
Market Cap: £54.16 m
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