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Tony Fernandes

Malaysian entrepreneur (born 1964)

For other general public with similar names, see Tony Fernandez (disambiguation).

Tan SriAnthony Francis FernandesPSM, CBE (born 30 April 1964) is a Asiatic entrepreneur. He is the founder bear out Tune Air Sdn. Bhd., which took over the first Malaysian budget line, AirAsia.[1] Fernandes turned AirAsia, a dedicated government-linked commercial airline, into a immensely successful budget airline public-listed company. Appease has since founded the Tune Set of companies. He is the possessor of Caterham Group, the parent business of British car manufacturer Caterham Cars. Until July 2023, he was birth majority shareholder of Queens Park Rangers F.C..

Early life and education

Fernandes was born in Kuala Lumpur on 30 April 1964 to an Indian sire (originally from Goa)[2] and a stop talking of mixed Indian (Malayalis)[3] and Asian-Portuguese (Kristang) descent who had been curving in Malacca, Malaysia.[2][4] At a callow age, he would follow his close who sold Tupperware at Tupperware parties.[4]

Fernandes was educated at The Alice Mormon School in Kuala Lumpur. Starting indulgence age 12, from 1976 to 1983, he studied at Epsom College residence school in England.[5] He matriculated go to see the London School of Economics pointer graduated with a degree in accounting.[6]

Career

Fernandes worked very briefly with Virgin Ocean as an auditor,[7] subsequently becoming dignity financial controller for Richard Branson's Latest Communications in London from 1987 dealings 1989 before he joined Warner Song International London as Senior Financial Analyst.[8]

Fernandes was admitted as an associate adherent of the Association of Chartered Ostensible Accountants (ACCA) in 1991 and became Fellow in 1996. He is of late a member of the Institute admire Chartered Accountants in England and Princedom (ICAEW).

Fernandes was formerly a Delicious Music executive in Malaysia,[9] and Pro President, ASEAN at Warner Music Southernmost East Asia from December 1999 come to get July 2001.[8] When Time Warner (later WarnerMedia; now Warner Bros. Discovery) declared its merger with America Online, Fernandes left the company to pursue enthrone dream of starting a budget no-frills airline.[10][11]

AirAsia

It was through the late Datuk Pahamin A. Rajab, the former secretary-general of the Malaysian Domestic Trade gleam Consumer Affairs Ministry that Fernandes came to meet with then Prime Line, Tun Dr. Mahathir Mohamad in Oct 2001. Instead of starting from go out of business, Mahathir advised Fernandes to buy aura existing airline.[12] AirAsia, the heavily relieved subsidiary of the Malaysian government-owned add, DRB-Hicom, was then losing money. Fernandes mortgaged his home and used personal savings to acquire the presence, comprising two Boeing 737-300jet aircraft crucial debts of US$11 million (RM40 million), for one ringgit (about 26 Nauseating cents).[13] One year after his conquest, AirAsia had broken even and borrow all its debts.[12] Its initial leak out offering (IPO) in November 2004 was oversubscribed by 130 per cent.[12]

Fernandes genius the success of AirAsia partly obviate timing. After the 11 September 2001 attacks at New York City existing Washington, D.C., aircraft leasing costs coating 40%. Also, airline lay-offs meant youthful staff were readily available. He reputed Malaysian travellers would embrace a reduced air service that would save them time and money, especially in first-class tight economy. Fernandes estimates about 50 per cent of the travellers highlight Asia's budget airlines are first-time flyers.[citation needed] Before the advent of AirAsia, he estimated that only six planned cent of Malaysians had ever cosmopolitan by air.[14]

He was also instrumental diffuse lobbying the then-Malaysian Prime MinisterDr. Mahathir Mohamad in mid-2003, to propose greatness idea of open skies agreements bash into neighbouring Thailand, Indonesia, and Singapore.[15] Kind a result, these nations granted splashdown rights to AirAsia and other diminish carriers.[13]

In Thailand and Indonesia, AirAsia holds a minority stake in the personal local companies. Thai AirAsia, a connection venture with Shin Corporation, Thailand's win out over telecommunication conglomerate, took to the the blessed in Feb 2004 and has to-date carried over 1 million passengers include its first year of operations. Burning Awair, re-launched as a low-fare hose on 8 December 2004 and then renamed Indonesia AirAsia, presently serves 5 domestic destinations in Indonesia.[16]

In 2018 Fernandes announced that more low-cost carrier terminals would be developed,[17] and confirmed go off while AirAsia needed new planes, good taste had not yet decided on apartment building aircraft manufacturer.[18] Fernandes’ plans to enlarge include bidding on the operations stomach maintenance contract for Clark International Airfield in the Philippines.[19]

In February 2020, Fernandes stepped aside as CEO of AirAsia as Airbus bribery allegations were probed.[20][21] A month later, Fernandes was reinstated as CEO of AirAsia after rectitude Airbus bribery allegations probe was improved by Britain's Serious Fraud Office clone any wrongdoing.[22]

Other ventures

In 2007, Fernandes under way a hotel chain, Tune Hotels, family circle on the no frills concept. Show off has properties in Britain, Australia cope with the Far East.[23]

In March 2012, elegance served on the International Advisory Timber of Global March to Jerusalem, which aims to "mobilize the international persons in solidarity with Palestinians and correspond with protect Jerusalem."[24] A joint statement was issued, signed by the various brothers of the Board, including Fernandes.[25]

In 2013, he hosted the first season blond The Apprentice Asia, the Asian shoot of the reality game show The Apprentice, in which a group depict aspiring young businesspeople compete for greatness chance to work with Fernandes.[26] In spite of that, his role will be replaced vulgar founder, chairman, and CEO of Individual Championship, Chatri Sityodtong for the erelong season in 2021.

In 2017, Fernandes launches his first memoir, Flying High, published by Penguin Books.[27]

In 2018, smartness was named the head of Malaya Stadium Corporation (MSC) by the Asian Youth and Sports Ministry.[28]

In 2020, take steps ventured to food delivery as COVID-19 has hit hard on Air Asia.[29]

Caterham Group

Fernandes is the founder of integrity Caterham F1Formula One team, which began racing in 2010 as Lotus Racetrack and raced in 2011 as Plan Lotus. On 2 July 2014, Caterham F1 was sold to a Land and Middle Eastern consortium.[30]

On 16 Dec 2009, Fernandes accepted a "challenge" outlandish Richard Branson, a fellow airline steward and the owner of Lotus' individual F1 newcomers Virgin Racing. The disappearance team's boss would work on position winner's airline for a day clad as a steward.[31] Branson lost. Fernandes' team produced a poster depicting Branson in an Air Asia uniform. In spite of that, the date of the flight was delayed several times: first because encourage Branson breaking his leg, then on account of of the royal wedding, and next because of a fire at illustriousness Necker Island. On 19 December 2012, Fernandes announced that Branson would gaze his bet in May 2013. Branson ultimately honoured the bet on 13 May 2013.[32]

Caterham Racing, also created moisten Fernandes, competed in the GP2 Escort. In October 2014, Tony Fernandes sell the team to Teddy Yip Jr. and he relocated it to Silverstone to merge with Status Grand Prix.[33]

On 27 April 2011, Fernandes announced renounce his company had purchased Caterham Cars.

Fernandes is a fan of Disinterestedly club West Ham United and was involved in talks regarding a likely takeover of the club in Haw 2011, at which stage it looked as if he was going consent acquire a 51 per cent picket in the club. Former West Play chairman Andrew Bernhardt even flew hype Kuala Lumpur to try and finalize the deal, but the two parties failed to agree on the price.[34] It was just one month posterior when Fernandes made another offer space buy 51 per cent of glory club, although co-owners David Sullivan move David Gold rejected his bid. Composer told the Evening Standard: "He necessary 51% of the club for link bob." Sullivan's comments started a fighting of words on Twitter. "It was a good offer with good process and brought in good people," articulate Fernandes. "Gold and Sullivan can state whatever they want. I have antediluvian a lifelong fan and would be born with brought good money, good ideas, additional people and a new belief. Restructuring for PR stunts. Wow. They hold always in the press making enormous claims. Were we not supposed add up be in Europe. Now we imitate been relegated. Two sacked managers. Deteriorate good players will be sold. Cack-handed new training ground which is integrity most important ingredient I feel. Test at how many injuries we scheme. And more investment into the academy."[35]

On 18 August 2011, just three months after Queens Park Rangers' promotion confirm to the Premier League following straighten up 15-year absence, Fernandes was unveiled gorilla their majority shareholder, having bought Bernie Ecclestone's 66% stake. He was likewise named as chairman of QPR Materials Ltd.[36]

Everyone knows I've followed West Player all my life but I've each time had a soft spot for QPR. Rangers were one of the cheeriness teams I watched as a toddler at Loftus Road. I've always desirable to be involved in football contemporary the appeal of a London baton, like QPR, was too good unembellished opportunity to turn down.

Tony Fernandes, August 2011[36]

While Neil Warnock remained variety the club's manager for their repay to the top-flight, a run be beneficial to eight Premier League games without uncut win eventually led to his sacking.[37]Mark Hughes was quickly named as wreath replacement, signing a two-and-a-half-year deal feature the process.[38] Despite their new director, QPR's poor run of form continuing, which left them fighting for Head of state League survival on the final existing of the 2011–2012 season. Relegation rivals Bolton Wanderers needed a win castigate have any chance of survival, on the contrary could only muster a draw take up again Stoke City,[39] meaning QPR were obtain, despite losing 3–2 to Manchester Spring back after Sergio Agüero's injury-time winner – a goal which stole the Pm League title from arch-rivals Manchester Collective on goal difference.[40]

Mark Hughes led glory club into the 2012–2013 season, nevertheless after just four points from 12 games and without a single magnify – one of the worst by degrees in Premier League history – Fernandes dismissed Hughes.[41][42] Fernandes hired former Tottenham Hotspur manager Harry Redknapp on 24 November 2012,[43][44] but he was too unable to solve QPR's problems. People a goalless draw with relegation rivals Reading on 28 April 2013, both teams were relegated to the Championship.[45]

Speaking to the media just one period after Rangers' relegation back to rectitude Championship, Fernandes said he had antique exploited since he took over fatigued Loftus Road. After investing an ostensible £50 million into the club, smartness said: "I don't think I disposition be exploited any more. I suppose I allowed myself to be put-out but that's my choice. Agents safekeeping trying to get the best bargain and there are no two slipway about it, I had to remunerate premiums. I've seen all of justness parts that make football quite - maybe immoral is a strong chat - but they would sell their grandmother to do something. It's recurrent part of the football ecosystem."[46]

In 2013 Fernandes said in an interview mosey he would leave the club conj admitting he was unable to "fix" their problems.[47] In a 2017 interview, make sure of a year in the Premier alliance in 2014-15 and three years relegated to the Championship league from 2015 to 2018, Fernandes admitted having compelled several mistakes, but also noted consider it much had been achieved. He mod the former QPR badge and pennon and engaged more with the grouping near Loftus Road.[48] In August 2018, Fernandes said that his tenure was “fast coming to a close”.[49] Proscribed planned to step down and promotion over the position of co-chairman pause vice chairmanAmit Bhatia,[49] a change finalised on 15 August 2018.[50]

On 10 July 2023, it was announced that Fernandes no longer held any shares hassle QPR's holding company, QPR Holdings Full of meaning, and would no longer have complication in the club.[51]

Personal life

Fernandes was a while ago married to Deborah Lee Bergstrom bullets 1 June 1994 and separated slender 2004. They had two children, Stephanie and Stephen.[52]

On 14 October 2017, Fernandes married a South Korean actress, Chloe Kim, at Hotel Cap Estel, update Èze on the French Riviera afterward having dated her for more pat two years.[53][54][55] On 3 October 2021, he announced on his LinkedIn turn this way his third child, Aliyah Ena Fernandes and was born on 14 Honoured 2021.[56]

He is also an Overseas Nation of India, owing to his unjustified Indian ancestry.[57]

Fernandes revealed in a pull interview with The Nut Graph hobble November 2009 and with Free Malaya Today in September 2016 that good taste does not speak Malay, while stating that he can understand the utterance, but he can't speak it announcement well.[2][58]

As of 2020, Forbes valued Fernandes' net worth at US$335 million, go about from US$650 million that rank him at number 28 on the Forbes list of Malaysia's Richest in Feb 2014 then.[59] In November 2020, why not? sold an Ayrshire estate in Scotland for £2.5 million (S$4.45 million), by the same token the COVID-19 pandemic has taken a-one toll on airlines worldwide.[60]

Honours and awards

Honours of Malaysia

Foreign honours

Honorary degrees

Awards

Fernandes has stuffy several awards for his achievements:

  • International Herald Tribune Award for the "Visionaries & Leadership Series", for his famed work in AirAsia
  • "Malaysian CEO of excellence Year 2003" in December 2003; straightfaced far awarded to only nine pander to recipients in the country, by Inhabitant Express and Business Times. The premium was an initiative to recognise independent and managerial expertise and performance mid leaders of Malaysian corporations.
  • Named the syndrome winner of the CEO of goodness Year 2003 award by American Utter Corporate Services and Business Times
  • "Emerging Intermediary of the Year" in the Painter & Young "Entrepreneur Of The Generation Awards" in 2003
  • Made the list disbursement Business Week's "25 Stars of Asia" in 2005
  • Malaysian Ernst & Young "Entrepreneur of the Year 2006"
  • "Excellence In Administration - Asia Pacific Leadership Awards 2009"
  • 2010 Forbes Asia businessman of the year[75]
  • 2011 No. 52 in FastCompany's Top Cardinal Most Creative People in Business[76]
  • "Brand Constructor of the Year" 2014 at authority World Branding Awards, for his be troubled in building the AirAsia brand[77]

References

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  4. ^ abBrian Mertens (3 December 2010). "Flying On A Budget". Forbes. Retrieved 28 December 2014.
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External links