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Tony Fernandes

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Anthony Fernandes
Born (1964-04-30) April 30, 1964 (age 62)
Kuala Lumpur, Malaysia
OccupationBusinessman
Known forFounder of AirAsia, Tune Group; former owner of Caterham Group and Queens Park Rangers F.C.

Tan Sri Dato' Sri Anthony Francis Fernandes (born 30 April 1964) is a prominent Malaysian businessman. He established Tune Air Sdn. Bhd., the company that purchased Malaysia’s pioneering budget airline, AirAsia. Fernandes revitalized AirAsia, which was then a struggling government-linked carrier, transforming it into a thriving publicly traded low-cost airline. Additionally, he is the founder of the Tune Group conglomerate. Up until 2021, he owned the Caterham Group, the parent organization of British automobile manufacturer Caterham Cars, and remained the majority stakeholder of Queens Park Rangers F.C. until July 2023.

Early life and education

Born in Kuala Lumpur on 30 April 1964, Fernandes is the son of an Indian father from Goa and a mother of mixed Indian (Malayalis) and Asian-Portuguese (Kristang) heritage who grew up in Malacca, Malaysia. His mother, an enterprising music instructor, initiated Malaysia’s Tupperware direct-selling venture, which exposed him early on to the world of sales.

He attended The Alice Smith School in Kuala Lumpur before moving to England to study at Epsom College boarding school from ages 12 to 19. Fernandes earned an accounting degree from the London School of Economics.

Career

Fernandes started his career with a brief stint as an auditor at Virgin Atlantic, followed by a role as financial controller for Richard Branson's Virgin Communications in London between 1987 and 1989. He then joined Warner Music International London as a Senior Financial Analyst.

He became an associate member of the Association of Chartered Certified Accountants (ACCA) in 1991 and achieved Fellowship status in 1996. He also holds membership in the Institute of Chartered Accountants in England and Wales (ICAEW).

Serving as a Warner Music executive based in Malaysia, Fernandes was Vice President for ASEAN at Warner Music South East Asia from December 1999 until July 2001. Following the merger between Time Warner and America Online, he departed to focus on launching a no-frills budget airline.

AirAsia

Introduced by Datuk Pahamin A. Rajab, Fernandes met then Prime Minister Mahathir Mohamad in October 2001, who advised him to acquire an existing airline rather than starting one from scratch. Acting on this advice, Fernandes purchased AirAsia—a heavily indebted subsidiary of state-owned conglomerate DRB-HICOM—for one ringgit (approximately 26 US cents), taking on US$11 million (RM40 million) in liabilities along with two Boeing 737-300 aircraft. Within twelve months, AirAsia reached break-even and eliminated its debts. Its IPO in November 2004 was oversubscribed by 130%.

Fernandes attributes part of AirAsia’s success to favorable timing: after 9/11, aircraft leasing expenses dropped by 40%, and layoffs provided access to seasoned personnel. He focused on attracting first-time flyers, noting that only six percent of Malaysians had flown before AirAsia’s inception.

In mid-2003, Fernandes persuaded Prime Minister Mahathir to advocate for open skies agreements with Thailand, Indonesia, and Singapore, resulting in landing rights for AirAsia and other low-cost carriers.

AirAsia maintains minority stakes in regional joint ventures such as Thai AirAsia, launched in February 2004 with Shin Corporation—Thailand’s largest telecom firm—which transported over one million passengers during its first year; and Indonesia AirAsia, rebranded from PT Awair in December 2004, operating five domestic routes.

In 2018, Fernandes revealed intentions to develop additional low-cost carrier terminals and increase fleet size but had yet to finalize aircraft manufacturers. Expansion initiatives included bidding for operations and maintenance contracts at Clark International Airport in the Philippines.

In February 2020, Fernandes temporarily stepped down as CEO amid investigations into Airbus bribery allegations but was reinstated a month later after the UK’s Serious Fraud Office cleared him of any misconduct.

Other ventures

In 2007, Fernandes introduced Tune Hotels, a budget hotel brand operating locations across the United Kingdom, Australia, and the Far East.

By March 2012, he became a member of the International Advisory Board for Global March to Jerusalem, an organization dedicated to supporting Palestinian solidarity and safeguarding Jerusalem.

In 2013, Fernandes took on the role of host for the inaugural season of The Apprentice Asia, a competitive reality program where business hopefuls vied for an opportunity to work alongside him. This hosting position was later assumed by Chatri Sityodtong during the 2021 second season titled The Apprentice: ONE Championship Edition.

His autobiography, Flying High, was published in 2017 under the Penguin Books imprint.

In 2018, the Malaysian Youth and Sports Ministry appointed him as the head of Malaysia Stadium Corporation.

During the COVID-19 crisis in 2020, Fernandes diversified AirAsia’s core airline operations by venturing into the food delivery sector.

Caterham Group

Fernandes established the Caterham F1 Formula One team, which initially appeared in as Lotus Racing and competed in as Team Lotus. On 2 July 2014, ownership of Caterham F1 transferred to a consortium from Switzerland and the Middle East.

On 16 December 2009, Fernandes accepted a challenge from Richard Branson, owner of Virgin Racing, stipulating that the losing team’s leader would serve as cabin crew on the winner’s airline. Although delayed multiple times, Branson fulfilled this agreement on 13 May 2013 after losing the bet.

Fernandes also launched Caterham Racing (GP2 team), which participated in the GP2 Series. He sold this team in October 2014 to Teddy Yip Jr., who moved it to Silverstone and merged it with Status Grand Prix.

On 27 April 2011, Fernandes announced his acquisition of Caterham Cars.

Football

As a devoted supporter of English side West Ham United, Fernandes explored a potential takeover in May 2011 targeting a controlling 51% shareholding. However, co-owners David Sullivan and David Gold declined his offers after negotiations.

On 18 August 2011, Fernandes acquired majority ownership of Queens Park Rangers (QPR) by purchasing Bernie Ecclestone’s 66% stake and assumed the chairmanship of QPR Holdings Ltd.

Following a challenging start to QPR’s Premier League comeback, Fernandes replaced manager Neil Warnock with Mark Hughes in January 2012. Despite these changes, the club narrowly escaped relegation on the season’s final matchday.

The subsequent season commenced poorly; after securing only four points from twelve matches, Fernandes dismissed Hughes and appointed former Tottenham manager Harry Redknapp in November 2012. Nonetheless, QPR was relegated to the Championship at the conclusion of the 2012–13 campaign.

After relegation, Fernandes disclosed having invested approximately £50 million into QPR but expressed frustration over agents demanding excessive fees. In 2013, he indicated his intention to depart if unable to resolve ongoing club challenges.

By 2017, amid fluctuating between Premier League and Championship divisions, Fernandes acknowledged past errors but emphasized accomplishments such as reinstating QPR’s traditional badge and colours and enhancing community involvement around Loftus Road. In August 2018, he revealed plans to resign as co-chairman, passing leadership to vice chairman Amit Bhatia, with this transition finalized on 15 August 2018.

On 10 July 2023, it was confirmed that Fernandes no longer possessed shares in QPR Holdings Limited and had ceased all involvement with the club.

Personal life

Fernandes was wedded to Deborah Lee Bergstrom from 1994 until their split in 2004, and together they have two children named Stephanie and Stephen.

On 14 October 2017, after more than two years of dating, he married South Korean actress Chloe Kim in Èze, located on the French Riviera. Their third child, Aliyah Ena Fernandes, arrived on 14 August 2021.

Due to his partial Indian heritage, Fernandes possesses Overseas Citizenship of India.

In interviews, he has mentioned that while he comprehends Malay, his spoken proficiency is limited.

By 2020, Forbes estimated Fernandes' net worth at US$335 million, a decline from US$650 million in 2014, placing him 28th among Malaysia's wealthiest individuals. In November 2020, as the COVID-19 pandemic affected the airline industry, he sold a Scottish estate for £2.5 million.

Honours of Malaysia

Foreign honours

Honorary degrees

Awards

Fernandes has been honored with multiple accolades for his leadership in business:

  • The "Visionaries & Leadership Series" Award by International Herald Tribune recognizing his contributions with AirAsia
  • Named "Malaysian CEO of the Year 2003" by both American Express and Business Times for outstanding entrepreneurial and managerial skills
  • Co-recipient of the CEO of the Year award in 2003 presented by American Express Corporate Services and Business Times
  • Awarded "Emerging Entrepreneur of the Year" at the Ernst & Young "Entrepreneur Of The Year Awards" in 2003
  • Featured among Business Week's "25 Stars of Asia" in 2005
  • Recipient of Malaysian Ernst & Young's "Entrepreneur of the Year" accolade in 2006
  • Honored with "Excellence In Leadership" at the Asia Pacific Leadership Awards in 2009
  • Recognized as Forbes Asia Businessman of the Year in 2010
  • Ranked number 52 on FastCompany's list of Top 100 Most Creative People in Business for 2011
  • Awarded "Brand Builder of the Year" at the World Branding Awards in 2014 for his role in advancing the AirAsia brand

External links

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