fastjet announces restructuring of Fly 540 Angola and Ghana
fastjet, Africa’s low cost airline, is restructuring two of its loss-making Fly540 businesses with the objective of increasing shareholder value.
The Fly540 businesses operate on a traditional airline model and not the fastjet low cost model. The company confirmed after it had previously announced that the measures would be taken.
After a detailed evaluation of the potential of Fly540 in both Ghana and Angola, fastjet has concluded that, although these countries present very significant long-term opportunities for the fastjet low cost model, in the short term fastjet intends to fully focus on the considerable potential of opportunities in East and Southern Africa.
As a key part of the restructuring, two group-owned ATR aircraft previously operating in Ghana and Angola have been taken out of service and are currently in the process of being sold.
While a leased aircraft continues to operate in Ghana, the Angolan operation has been temporarily suspended, pending the return to service of two leased aircraft on completion of required maintenance.
Further details on the restructuring of both 540 operations will be announced in due course.
Fastjet interim chairman and Chief Executive Officer, Ed Winter, said: “Management has been carefully considering how best to restructure the Fly540 business which we inherited and this is a highly significant and very positive development in that process.
“We are currently focused on expanding the low cost fastjet network in East and Southern Africa by establishing bases in Zambia, Kenya and South Africa and these plans are progressing well.
“However, our overall vision is to create a pan-African low-cost network and, as such, launching the low cost fastjet model in both Angola and Ghana remains firmly part of the Company’s long-term plans.”
5 minutes with... Janthana Kaenprakhamroy, CEO, Tapoly
Founder and CEO of award-winning insurtech firm Tapoly, Janthana Kaenprakhamroy heads up Europe’s first on-demand insurance platform for the gig economy, winning industry awards, innovating in the digital insurance space, and leading with inclusivity.
Here, Business Chief talks to Janthana about her leadership style and skills.
What do you do, in a nutshell?
I’m founder and CEO of Tapoly, a digital MGA providing a full stack of commercial lines insurance specifically for SMEs and freelancers, as well as a SaaS solution to connect insurers with their distribution partners. We build bespoke, end-to-end platforms encompassing the whole customer journey, but can also integrate our APIs within existing systems. We were proud to win Insurance Provider of the Year at the British Small Business Awards 2018 and receive silver in the Insurtech category at the Efma & Accenture Innovation in Insurance Awards 2019.
How would you describe your leadership style?
I try to be as inclusive a leader as possible. I’m committed to creating space for everyone to shine. Many of the roles at Tapoly are performed by women and I speak at industry events to encourage more people to get involved in insurance/insurtech. Similarly, I always try to maintain a growth mindset. I think it’s important to retain values to support learning and development, like reliability, working hard and punctuality.
What’s the best leadership advice you’ve received?
Build your network and seek advice. As a leader, you need smart people around you to help you grow your business. It’s not about personally being the best, but being able to find resources and get help where needed.
How do you see leadership changing in a COVID world?
I think the pandemic has proven the importance of inclusive leadership so that everyone feels supported and valued. It’s also shown the importance of being flexible as a leader. We’ve had to remain adaptable to continue delivering high levels of customer service. This flexibility has also been important when supporting employees as everyone has had individual pressures to deal with during this time. Leaders should continue to embed this flexibility within their organisations moving forward.
They say ‘from every crisis comes opportunity’, what opportunities do you see?
The past year has been challenging, but it has also proven the importance of digital transformation in insurance. When working from home was required, it was much harder for insurers to adjust who had not embedded technology within their operating processes because they did not have data stored in the cloud and it caused communication delays with concerned customers at a time when this communication should have been a priority, which ultimately impacts the level of customer satisfaction. This demonstrates the importance of what we are trying to achieve at Tapoly in driving digitalisation in insurance and making communication between insurers and distribution partners seamless.
What advice would you give to your younger self just starting out in the industry?
Start sooner, don’t be afraid to take (calculated) risks and make sure you raise enough money to get you through the initial seed stage.