Mango chairman moving to London-listed Fastjet

Mango is the low-cost subsidiary of South African Airways and is facing the prospect of restructuring or a merger with its parent airline, along with SA Express.

Wally said he had given formal notice on Thursday night. He is following former Mango CEO, Nico Bezuidenhout, who left at the end of July 2016 to head up the African-orientated airline.

Wally also said he had served on the board of Mango for 10 years, including three years as chairman. "It was time to move on, and I had a number of options," he said. "Fastjet is London-listed, it gives me tremendous exposure in that market, so I took this option."

Mango posted a R37m loss in the 2015-2016 financial year, a reversal from the R38m profit in the previous financial year. However, Wally downplayed this, saying the airline was still well-positioned: "They just need to adjust and think how best to utilise their assets."

Source: BDpro