Jetmagic chief in 'surprise' resignation

THE chief executive of fledgling airline Jetmagic has left unexpectedly for "personal reasons".

Chief executive Patrick Raftery has been involved with Jetmagic for over two years and was one of the founders. He has been piloting the carrier since it began flights in March, but has left the company in a surprise move.

Mr Raftery resigned at a board meeting yesterday morning citing personal reasons. A spokesman for the airline said that the announcement was unexpected. "The resignation came as a surprise and is a matter of regret for the company."

Asked if Mr Raftery will be due a payout, the spokesman said he presumed he would.

Mr Raftery did not return calls yesterday.

He is a minor shareholder in the company and it is not clear if he will retain his holding.

A statement from the company added: "Patrick has spent most of the past two years in the creation and successful launch of JetMagic and the board is very much aware of the total commitment that was involved over this period.

"The board is also aware of the very considerable personal demands that the realisation of this ambition made on Patrick.

"The board would like to express its appreciation of the enormous part that Patrick played in bringing the company to its present position and in gaining the very high level of customer satisfaction it already enjoys.

"Whilst regretting Patrick's decision, the board understands his reasons, and wishes Patrick every success in the future."

Jetmagic has pitched itself as a low fares rival to Ryanair with added service. Based in Cork, it has expanded rapidly and flies to 19 European destinations.

Board member Terry Liddiard has been made interim chief executive while the company searches for another boss.

Despite turbulence at board level, Jetmagic has said it is on course to turn a profit this year, one year ahead of schedule.