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Fastjet Plc New CEO Bezuidenhout seeking to curb capacity & cut costs

Fastjet Plc (LON:FJET), the low-cost African airline earlier this year announced the appointment of Nico Bezuidenhout as Chief Executive Officer (CEO) of the Company. Since his appointment less than 6 weeks ago
Bezuidenhout has set in motion a series of changes intended to cut costs, stablise the company ultimately grow the company by the end of next year.

The CEO has said that based on current projections the company will break even by the 4th quarter of 2017. To do this Fastjet have dropped Airbus jets for Embraer which will increase its load factor from 47% to above 70%, plan to reduce frequencies on some of its routes and move its headquarters from London to Johannesburg.

Fastjet plc are also consulting on a restructure of its workforce with a view to reducing its most costly staff. Bezuidenhout said that stabilisation can be achieved without additional capital with the posibility of this happening before the end of 2017.

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