Tony Fernandes

From Wikipedia, the free encyclopedia
Jump to: navigation, search
This article is about the Malaysian entrepreneur. For the former baseball player, see Tony Fernández.
Tony Fernandes
Tony Fernandes.jpg
Tony Fernandes at an Air Asia event
Born (1964-04-30) 30 April 1964 (age 49)
Kuala Lumpur, Malaysia
Occupation Group Chief Executive Officer / Director of AirAsia Berhad and founder of Tune Group Sdn Bhd / Chairman of QPR Holdings Ltd / Founder and former Team Principal of Caterham F1
Net worth US$ $625M [1]

Tan Sri Anthony Francis "Tony" Fernandes, CBE (born 30 April 1964) is a Malaysian Indian entrepreneur. He is the founder of Tune Air Sdn. Bhd., who introduced the first budget no-frills airline, AirAsia, to Malaysians with the tagline "Now everyone can fly". Fernandes managed to turn AirAsia, a failing government-linked commercial airline, into a highly successful budget airline public-listed company. He has since founded the Tune Group of companies.

He was also instrumental in lobbying the then-Malaysian Prime Minister, Tun Dr. Mahathir Mohamad in mid-2003, to propose the idea of open skies agreements with neighbouring Thailand, Indonesia, and Singapore. As a result, these nations have granted landing rights to AirAsia and other discount carriers.

Contents

Early years [edit]

Fernandes was born in Kuala Lumpur to an Indian father (a physician, originally from Goa) and Portuguese-Eurasian mother, Ena Dorothy Fernandes of Malacca, Malaysia.[2] [3] At a young age, he used to follow his mother, a businesswoman, to Tupperware dealer parties and conventions. He was educated at Epsom College from 1977 to 1983 and graduated from the London School of Economics in 1987. He worked very briefly with Virgin Atlantic as an auditor, subsequently becoming the financial controller for Richard Branson's Virgin Records in London from 1987 to 1989.[4]

Tony was admitted as Associate Member of the Association of Chartered Certified Accountants (ACCA) in 1991 and became Fellow Member in 1996. He is currently a member of the Institute of Chartered Accountants in England and Wales (ICAEW).

Upon his return to Malaysia, he became the youngest managing director of Warner Music (Malaysia) Sdn Bhd. As well as being an accountant, Fernandes is an amateur guitarist and also has achieved grade 8 piano which is where his musical inclination lies.[citation needed]

He subsequently became the South East Asian regional vice-president for Warner Music Group from 1992-2001. When Time Warner Inc announced its merger with America Online Inc., Fernandes left to pursue his dream of starting a budget no-frills airline. However, his application for a license from the Malaysian government was rejected.[citation needed]

Launching AirAsia [edit]

It was through Datuk Pahamin A. Rejab, the former secretary-general of the Malaysian Domestic Trade and Consumer Affairs Ministry that Fernandes came to meet with then Prime Minister, Tun Dr. Mahathir Mohamad in October 2001.

Instead of starting from scratch, Mahathir advised Fernandes to buy an existing airline instead. AirAsia, the heavily-indebted subsidiary of the Malaysian government-owned conglomerate, DRB-Hicom, was quickly losing money. Fernandes mortgaged his home and used his personal savings to acquire the company, comprising two ageing Boeing 737-300 jets (9M-AAA and 9M-AAB) and US$11 million (RM40 million) worth of debts, for one ringgit (about 26 US cents), and transformed it into an industry player.

Coming just after the 11 September attacks of 2001, everyone thought that Fernandes had gone "crazy", predicting that the company would fail miserably. Yet, just one year after his takeover, AirAsia had broken even and cleared all its debts. Its initial public offering (IPO) in November 2004 was oversubscribed by 130 per cent.[citation needed]

Fernandes says his timing was in fact perfect: after 11 September 2001, aircraft leasing costs fell 40%. Also, airline lay-offs meant experienced staff were readily available. He believed Malaysian travellers would embrace a cut-rate air service that would save them time and money, especially in a tight economy. That was why he copied one of the world's most successful no-frills carriers, Ireland's Ryanair (which is in turn modelled after Southwest Airlines in the United States). Fernandes estimates about 50 per cent of the travellers on Asia’s budget airlines are first-time flyers. Before AirAsia, he estimated that only six per cent of Malaysians had ever travelled in a plane.

Other ventures [edit]

In 2007, Tony Fernandes started a hotel chain, Tune Hotels, based on the no-frills concept. The first Tune Hotel was opened in the heart of Kuala Lumpur.[citation needed]

As of 2009, Fernandes is also the president of the ASEAN Basketball League (ABL).[5] Fernandes has stated that it has always been a dream of his to be able to be involved with the development of sports in the ASEAN region.[6]

Caterham Group [edit]

Caterham F1 Team [edit]

Fernandes is the founder of the Caterham F1 Formula One team, which began racing in 2010 as Lotus Racing and raced in 2011 as Team Lotus.

On 16 December 2009, Fernandes accepted a "challenge" from Richard Branson, a fellow airline boss and the owner of Lotus' fellow F1 newcomers Virgin Racing. The losing team's boss would work on the winner's airline for a day dressed as a stewardess. Fernandes joked "The sexier the better. Our passengers will be delighted to be served by a Knight of the Realm, but knowing Richard, the real challenge will be to prevent him from asking our guests 'coffee, tea or me?' That would be scary."[7] In addition, the team produced a poster depicting Branson in an Air Asia uniform.[8] However, the date of the flight was delayed several times (first because of Branson breaking his leg, then for unknown reasons), and Richard Branson did not participate. On 19 December 2012, Fernandes announced that Branson would honour his bet in May 2013.

Caterham Racing [edit]

Caterham Racing, also created by Fernandes, competes in the GP2 Series.

Caterham Cars [edit]

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

EQ8 Energy Drink [edit]

 This section of a biography of a living person does not include any references or sources. Please help by adding reliable sources. Contentious material about living people that is unsourced or poorly sourced must be removed immediately. (January 2012)

EQ8 is a natural energy drink and the first FMCG product from Fernandes and his business partner Kamarudin Meranun. EQ8 is also the Official Drink of Caterham F1.

Football League [edit]

West Ham United [edit]

Fernandes is a fan of English club West Ham United. Fernandes has been involved in talks concerning a takeover at West Ham United. In May 2011, Fernandes was linked with a buying a share in the club.[9] On 1 June 2011, his Twitter feed stated that he had made an offer to the West Ham board, although David Sullivan and David Gold later rejected this offer.[10]

Queens Park Rangers [edit]

On 18 August 2011, he was unveiled as the majority shareholder of Queens Park Rangers, having bought Bernie Ecclestone's 66% share. He was also named as chairman of QPR Holdings Ltd.[11]

Below is a list of QPR's signings since Fernandes' takeover. Players highlighted green are still contracted to the club.

Date Player Previous Club Transfer Fee
(millions)		 Source
26 August 2011 England Joey Barton England Newcastle United (out on loan)
Free
[12]
27 August 2011 England Luke Young England Aston Villa
Undisclosed
[13]
30 August 2011 Senegal Armand Traoré England Arsenal
Undisclosed
[14]
31 August 2011 England Shaun Wright-Phillips England Manchester City
Undisclosed
[15]
31 August 2011 England Anton Ferdinand England Sunderland (out on loan)
Undisclosed
[16]
26 January 2012 England Nedum Onuoha England Manchester City
Undisclosed
[17]
31 January 2012 France Djibril Cissé Italy Lazio (out on loan)
Undisclosed
[18]
31 January 2012 England Bobby Zamora England Fulham
Undisclosed
[19]
1 July 2012 New Zealand Ryan Nelsen England Tottenham Hotspur
Free
[20]
1 July 2012 England Andy Johnson England Fulham
Free
[20]
1 July 2012 England Robert Green England West Ham United
Free
[21]
1 July 2012 Mali Samba Diakité France Nancy
Undisclosed
[22]
9 July 2012 South Korea Park Ji-Sung England Manchester United
Undisclosed
[23]
27 July 2012 Canada Junior Hoilett England Blackburn Rovers
Free
[24]
17 August 2012 Portugal José Bosingwa England Chelsea
Free
[25]
29 August 2012 Brazil Júlio César Italy Inter Milan
Undisclosed
[26]
30 August 2012 Spain Esteban Granero Spain Real Madrid
Undisclosed
[27]
31 August 2012 England Sam Magri England Portsmouth
Free
[28]
31 August 2012 Cameroon Stéphane Mbia France Marseille
Undisclosed
[29]
4 January 2013 Israel Tal Ben Haim Unattached
Undisclosed
[30]
16 January 2013 France Loïc Rémy France Marseille
Undisclosed
[31]
30 January 2013 South Korea Yun Suk-Young South Korea Chunnam Dragons
Undisclosed
[32]
31 January 2013 Republic of the Congo Christopher Samba Russia Anzhi Makhachkala
£12.5m
[33]
31 January 2013 England Jermaine Jenas England Tottenham Hotspur
Undisclosed
[34]

Involvement in Contemporary Political Issues [edit]

In March 2012, Tony Fernandes Served on the International Advisory Board of Global March to Jerusalem, which aims to "mobilize the international community in solidarity with Palestinians and to protect Jerusalem."[35] A Joint Statement was issued, signed by the various members of the Board, including Fernandes.[36]

Achievements and awards [edit]

Fernandes' biggest achievement has been to turn the AirAsia airline into an international carrier. Before the creation of AirAsia, countries in the region did not have open-skies agreements. In mid-2003, Fernandes' lobbying pushed Dr Mahathir to raise the idea with the leaders of neighbouring Thailand, Indonesia, and Singapore. As a result, those nations have granted landing rights to AirAsia and other discount carriers. Fernandes opened up the budget carrier sector in the region.

In Thailand and Indonesia, AirAsia holds a minority stake in the respective local companies. Thai AirAsia, a joint venture with Shin Corporation, Thailand’s largest telecommunication conglomerate, took to the skies in Feb 2004 and has to date carried over 1 million passengers in its first year of operations. PT Awair, re-launched as a low fare airline on 8 December 2004 and subsequently renamed Indonesia AirAsia, presently serves 5 domestic destinations in Indonesia.

Fernandes has received several awards for his achievements:

  • International Herald Tribune Award for the "Visionaries & Leadership Series", for his outstanding work in AirAsia;
  • "Malaysian CEO of the Year 2003" in December 2003 — so far awarded to only nine other recipients in the country, by American Express and Business Times. The award was an initiative to recognize entrepreneurial and managerial expertise and performance among leaders of Malaysian corporations.
  • Named the joint winner of the CEO of the Year 2003 award by American Express Corporate Services and Business Times.
  • "Emerging Entrepreneur of the Year" in the Ernst & Young "Entrepreneur Of The Year Awards" in 2003;
  • Made the list of Business Week's "25 Stars of Asia" in 2005.
  • Malaysian Ernst & Young "Entrepreneur of the Year 2006"
  • "Excellence In Leadership - Asia Pacific Leadership Awards 2009"
  • 2010 Forbes Asia businessman of the year[37]
  • 2011 No. 52, in FastCompany Top 100 Most Creative People in Business.[38]

Fernandes has also been honoured by the King of Malaysia with the title Tan Sri, Dato' Sri and also by the government of France with the Legion d'Honneur Order.[39] In 2011, according to a Team Lotus press release, Tony Fernandes was awarded a CBE or Commander of the Order of the British Empire "for services to promote commercial and educational links" between Malaysia and the UK.[40]

Wealth [edit]

In 2012, Forbes Asia valued Fernandes' personal wealth at $615 million ranking him at number 15 on the Forbes list of Malaysia's Richest.

See also [edit]

References [edit]

  1. ^ "#20 Anthony Fernandes". Forbes. 2 March 2011. 
  2. ^ "“We were Malaysians first”". The Nutgraph. 19 November 2009. 
  3. ^ "Flying On A Budget". Forbes. 20 December 2010. 
  4. ^ AirAsia 2006 Corporate Annual Report
  5. ^ [1][dead link]
  6. ^ [2][dead link]
  7. ^ "Lotus boss accepts Branson's bet | Lotus | Formula 1 news, live F1 | ESPN F1". En.espnf1.com. 16 December 2009. Retrieved 2010-04-29. 
  8. ^ [3][dead link]
  9. ^ Burt, Jason (20 November 2009). "West Ham showing signs they are on road to recovery after troubled past". London: Telegraph.co.uk. Retrieved 2011-08-17. 
  10. ^ "West Ham's David Gold baffled by reported bid for club". BBC.co.uk. 3 June 2011. Retrieved 2 June 2011. 
  11. ^ "Lotus boss Tony Fernandes completes QPR takeover". BBC News. 18 August 2011. Retrieved 18 August 2011. 
  12. ^ "Joey Barton joins QPR from Newcastle United". BBC Sport. 
  13. ^ "Luke Young joins QPR from Aston Villa". BBC Sport. 
  14. ^ "Arsenal defender Armand Traore joins QPR". BBC Sport. 
  15. ^ "QPR sign Shaun Wright-Phillips from Manchester City". BBC Sport. 
  16. ^ "QPR sign Sunderland defender Anton Ferdinand". BBC Sport. 
  17. ^ "Nedum Onuoha signs for QPR from Manchester City". BBC Sport. 
  18. ^ "QPR sign Lazio's Djibril Cisse on a two-and-a-half-year deal". BBC Sport. 
  19. ^ "QPR complete the signing of striker Bobby Zamora from Fulham". BBC Sport. 
  20. ^ a b "QPR sign Ryan Nelsen and Andrew Johnson". BBC Sport. 
  21. ^ "Robert Green to join QPR from West Ham on free transfer". BBC Sport. 
  22. ^ "Samba Diakite signs for QPR from Nancy on permanent deal". BBC Sport. 
  23. ^ "QPR complete signing of Man Utd midfielder Park Ji-sung". BBC Sport. 
  24. ^ "Junior Hoilett joins Queens Park Rangers from Blackburn Rovers". BBC Sport. 
  25. ^ "Jose Bosingwa joins QPR on a three-year contract". BBC Sport. 
  26. ^ "Julio Cesar agrees QPR move from Inter Milan". BBC Sport. 
  27. ^ "QPR sign Spanish midfielder Esteban Granero from Real Madrid". BBC Sport. 
  28. ^ "Sam Magri makes deadline day QPR move after signing from Portsmouth". Sky Sports. 
  29. ^ "Joey Barton loaned to Marseille as QPR sign Stephane Mbia". BBC Sport. 
  30. ^ "Tal Ben Haim: QPR sign former Chelsea defender". BBC Sport. 
  31. ^ "Remy's a Ranger". Queens Park Rangers F.C. 
  32. ^ "R's Sign Suk-Young". Queens Park Rangers F.C. 
  33. ^ "Christopher Samba: QPR sign Anzhi defender for £12.5m". BBC Sport. 
  34. ^ "Jenas Joins". Queens Park Rangers F.C. 
  35. ^ http://gm2j.com/main/concept-and-objectives/
  36. ^ http://gm2j.com/main/wp-content/uploads/2012/03/GMJ-IAB-press-release.pdf
  37. ^ Mertens, Brian (20 December 2010). "Flying On A Budget". Forbes. 
  38. ^ http://www.fastcompany.com/most-creative-people/2011.  Missing or empty |title= (help)
  39. ^ "Tony Fernandes Legion D’Honneur". F1ezine.com. 15 April 2010. Retrieved 2010-04-29. 
  40. ^ "Tony Fernandes receives CBE". Racing-Report.com. 6 February 2011. Retrieved 2011-02-06. 

External links [edit]

Wikimedia Commons has media related to: Tony Fernandes
The club
Grounds
Other
Retrieved from "http://en.wikipedia.org/w/index.php?title=Tony_Fernandes&oldid=555993391"