Wizz Air Holdings Plc (“Wizz Air” or the “Company” and, together with its subsidiaries, the “Group”), the largest low-cost airline in Central and Eastern Europe, today announces that terms have been agreed in principle with József Váradi, the Group’s Chief Executive Officer, in respect of a new service contract with the Group for a term of five years, subject to a six month notice period on either side.
In addition, the Company announces that it is proposed that John Stephenson, the Group’s Executive Vice President, will join the Board as a newly-created second executive director. Mr Stephenson’s appointment is intended to take effect on the appointment of an additional independent non-executive director in order to maintain an appropriately balanced Board. The process of appointing an additional independent non-executive director is ongoing and the Company will make a further announcement in due course.
The Company also announces that Mike Powell, the Group’s Chief Financial Officer, has left the Group for personal reasons. The Board would like to thank Mr Powell for his contribution to the Group over the past eight years, during which he sat on the Company’s executive Leadership Team. The Company has started the process of recruiting a new Chief Financial Officer for the Group and will make a further announcement in due course. In the meantime, the Group’s finance functions will report directly to the Company’s Chief Executive Officer who will be responsible for the Group’s financial affairs.
József Váradi, the Company’s Chief Executive Officer, commented:
“John Stephenson joined the Company in 2006 as Chief Commercial Officer and was promoted to Executive Vice President in 2009. His proposed appointment to the Board of the Company is in recognition of his enormous contribution to date and his ongoing and important strategic and managerial role within the business.
Mike Powell joined Wizz Air in 2007 and we are very sorry to see him leave. He too has made an important contribution to the growth of the business and we thank him and wish him well for the future.”