Troubled Cyprus Cobalt Airways Fires CEO Over Flight Delays

NICOSIA – Plagued by flight delays, the new Cyprus-based budget airline Cobalt has fired its CEO a month after opening.

Cobalt belatedly began flying on July 7 but has faced criticism and a bad press over lengthy delays to flights as it waits for more planes to be delivered, Agence France Presse said.

The low-cost carrier gave no reason for replacing incumbent Andrew Pyne with Andrew Madar who was head of strategy and planning.

A statement simply read: “Cobalt’s initial success is due to Mr. Andrew Pyne, who is stepping down as CEO.”

“Mr. Andrew Madar will be in charge of leading Cobalt in its new development phase, as the company’s new CEO.”

Cobalt said Madar will focus on “delivering the company’s promises to its customers and ensuring that they will be treated as valued customers.” It flies to Britain, Greece and Ireland.

Cobalt currently flies to Britain, Greece and Ireland.

It said that with more aircraft on the way, it was ready to move into the “second phase” of growth.

This would “start linking Cyprus with international destinations such as Asia, Middle East, greater Europe and USA,” the statement said.

Later, the company said it hopes to add non-European destinations such as Egypt, Iran, Israel, Lebanon and Russia.

Cobalt stepped in to replace bankrupt Cyprus Airways, which shut down in January, 2015. About 70 airlines fly to and from the eastern Mediterranean island whose economy relies heavily on tourism.



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