Wizz Air's Stephenson quits after decade on board

Wizz Air's second most senior management executive, executive vice president John Stephenson, has resigned from the ultra-low cost airline despite the seemingly encouraging conditions for the company.

Stephenson, who joined Wizz in 2006 as chief commercial officer after almost a decade at easyJet, will step down with effect from 24 August.

Chief executive József Váradi said: “On behalf of the Board, management team and all of our colleagues, we would like to thank John for the significant contribution he has made to the company over the last ten years.

"He has played a central role in building Wizz Air into the leading low cost carrier in CEE and one of the strongest airlines in Europe. We wish him all the best in the future.”

Conditions seem encouraging at the company, with final results last month proving better than expected and analysts expecting it to continue growing market share in during 2017.

UBS earlier this month reiterated its high opinion of Wizz and stating that the drivers for low cost carriers (LCC), and indeed ultra low cost carriers, remain favourable.

"In our view the backdrop remains favourable, given LCC penetration rates remain low in a number of markets, including Wizz's core CEE markets; Wizz has a fleet plan to deliver continued growth; although traditional carriers are trying to adjust their cost bases the ex-fuel cost advantage of the ultra-low cost carriers remains considerable; economic growth has shown a favourable relationship with air travel."

Shares in Wizz were down almost 1% to 1,843p not long before midday on Thursday.