The chief executive of the Cork-based airline Jetmagic, Mr Patrick Raftery, has resigned from the company, it emerged last night.
Mr Raftery, who previously worked with British Airways for 13 years, tendered his resignation to the airline's board in recent days.
A spokesman for the company said while his resignation was accepted with regret, the decision was an amicable one. Another board member, Mr Terry Lidiard, becomes acting chief executive until a replacement is found.
Mr Raftery was a key figure in the setting-up of the airline and has been working on the project for two years. He was heavily involved in encouraging several investors to put money into the venture.
Among the investors are Mr Michael Foley, the former chief executive of Aer Lingus, and a company linked to the IAWS co-operative society.
The company has yet to file accounts but it is understood some losses will be disclosed as the airline is in its first year of trading.
It is understood Mr Raftery had been considering his options for some time. However, he was not available to comment last night on the reasons behind the resignation.
The airline is hoping to carry 200,000 passengers annually and operates services to Northern Ireland, Britain and continental Europe.
It was established by 11 Cork-based entrepreneurs, including Mr Foley, who was dismissed by Aer Lingus over sexual harassment allegations two years ago.
A large number of the shareholders are based in Cork or Munster. They include the property company Templefort Ltd and members of the Punch family, who are involved in manufacturing and distributing household and shoe care products.
A company called Matador Investments Ltd holds their share.
Mr Alex McCarthy, who is associated with the radio business, is also listed as a shareholder, according to documents lodged with the Companies Office.
The venture is funded entirely through € 5 million private equity stumped up by stakeholders.
Pitched firmly at the business traveller, the airline is hoping in the long term to locate a second hub in Europe.
The airline has a fleet of four 37-seater Embraer 135 regional jets and plans to acquire more.
