Cobalt Air CEO Andrew Pyne has resigned from his post just a month after the official launch of Cyprus’ newly created airline.
In a text message to the Cyprus Business Mail, Pyne confirmed his decision to leave Cobalt, saying he planned to “pursue a new opportunity away from Cyprus”.
“I will continue to support Cobalt in whichever way I can,” he texted, but gave no further details.
Cobalt chairman Gregory Diacou later told the Cyprus Mail that Pyne’s resignation was “accepted” by the board as he was deemed responsible for the young airline’s teething problems, which saw disruptions in its flight schedule by flight delays and postponements, and even the cancellation of one flight due to a technical problem.
“The board reviewed the situation and the problems faced, and decided to accept Andrew’s resignation,” said Diacou.
“The board convened 10 days ago, then three days ago, then [on Monday], and will also convene on Tuesday. We are doing everything possible to make sure we are making the best decisions.”
Despite announcing an ambitious flight schedule, the airline has had a hard time coming through, owing to delays in the arrival of the planes it acquired. It currently operates three planes, with two more expected in the next few days, and one more by the end of August. The delay in the arrival of the planes was the reason for the airline’s bumpy start, the board found.
“We have now rented planes from third parties, so that we can address our operational needs and serve our schedule,” Diacou said.
The airline received its commercial licence in June, a month after obtaining its air operator certificate.
Later on Monday, the airline announced Andrew Madar would be replacing Pyne and “will be in charge for leading COBALT in its new development phase as the company’s new CEO”.
“Mr Madar, who was already part of the Cobalt family, will be focusing on delivering the company’s promises to its customers and will be ensuring that they will be treated as valued customers,” the written statement said.
“Cobalt’s initial success is due to Mr Andrew Pyne, who is stepping down as CEO,” it added, without giving further details.
Last week, Cobalt’s chief commercial officer Michael Hayden also resigned his post.
Hayden wrote in his Linkedin account that his employment at Cobalt ended in July.
Sources have told the Cyprus Mail that Hayden has been asked to stay on and “help Cobalt for three months”, although he won’t be working out of Cobalt’s offices.
Diacou confirmed that Hayden’s resignation was also delay-related, but suggested the parting of ways with both men was not hostile.
“It wasn’t a matter of disagreement – it was a matter of accountability,” the chairman said.
“Things should have been foreseen.”
Almost four weeks after its official launch the airline said that with more aircraft on the way, it was now “ready to move into the second phase of its growth and start linking Cyprus with international destinations such as Asia, Middle East, greater Europe and USA”.
Passengers would soon have the opportunity to fly directly from and via Larnaca to these new destinations.
