Haji-Ioannou, who co-founded low-cost carrier fastjet and is a shareholder, called in for Colin Child to leave the business in March.
The tycoon said he had “lost faith” in Child’s ability to turn around the loss-making airline, which mainly operates in Tanzania, the Telegraph reported at the time.
Fastjet announced today that non-executive chairman Child had resigned as chairman and director of the company.
The carrier said that having led a fundraising exercise in July this year, Child believed that it would “not be appropriate” for him to continue in his role, given the company is initiating a further fundraising exercise.
Child said: "Although the trading and operational environment has been challenging I have much enjoyed my time on the fastjet board.
“I leave the board with an extremely good and experienced chief executive in place and I have every confidence that he will successfully complete the stabilisation plan and pursue some exciting strategic initiatives that will allow fastjet to deliver its full potential.”
Following Child’s resignation, Nico Bezuidenhout, chief executive, will assume the role of interim chairman pending the appointment of a new non-executive chairman.
Rob Burnham, non-executive director, said: "Colin has chaired the board through a period of considerable organisational change and demonstrated a total commitment to the success of the company which has been much appreciated by his colleagues."
Bezuidenhout added: "I sincerely thank Colin for his invaluable contribution to fastjet and for the guidance he has provided to me personally.
“Since my arrival in August, the company has made substantial progress in implementing the stabilisation plan and has, in the process,
resolved and attended to the key financial, contractual and structural legacy matters that would otherwise have served to impede the future performance of the company.
“The journey has not been a straightforward one but with our costs due to substantially reduce in the new year as various legacy and restructuring costs come to an end, with our revenue generating initiatives beginning to bear fruit and with various geographic and strategic
expansion opportunities being identified, I am confident that, with the necessary capital, the company can break even by Q4 2017, and be well-positioned to pursue sustainable growth and value-creation for shareholders going forward.
“Furthermore, based on my experience in African aviation, I am convinced of the tremendous market opportunity there is for a truly pan African low-cost carrier.”
