StockMarketWire.com - Airline company Wizz Air Holdings has agreed a new service contract with Jozsef Varadi, the group's founding chief executive officer.

The contract term is indefinite and the terms of his service agreement are materially the same as his existing agreement. The company said the board has confidence in Wizz Air's entrepreneurial leadership, agility and strength going forward under Varadi.

Bill Franke, chairman of Wizz Air, said: 'Jozsef is our founding CEO. He has been a major driving force in developing Wizz Air into a leading player in European aviation and one of the world's true ultra-low-cost carriers. We are pleased he will continue to lead the business. While aviation is globally facing the most challenging period in its history, the Wizz Air business model, strategy and cost base positions it to be a long-term structural winner in the sector.'

At 9:18am: [LON:WIZZ] Wizz Air Holdings PLC share price was +150p at 4376p



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