Anthony Francis Fernandes (born 30 April 1964) is a Malaysian entrepreneur.
He is the founder of Tune Air Sdn. Bhd., which took over the first Malaysian budget airline, AirAsia.
Fernandes turned 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 is the owner of Caterham Group, the parent company of British car manufacturer Caterham Cars.
Until July 2023, he was the majority shareholder of Queens Park Rangers Football Club.
Fernandes was born in Kuala Lumpur on 30 April 1964 to an Indian father (originally from Goa ) and a mother of mixed Indian (Malayali ) and Asian-Portuguese (Kristang) descent who had been raised in Malacca, Malaysia.
At a young age, he would follow his mother who sold Tupperware at Tupperware parties.
Fernandes was educated at The Alice Smith School in Kuala Lumpur.
1976
Starting at age 12, from 1976 to 1983, he studied at Epsom College boarding school in England.
He matriculated to the London School of Economics and graduated with a degree in accounting.
1987
Fernandes worked very briefly with Virgin Atlantic as an auditor, subsequently becoming the financial controller for Richard Branson's Virgin Communications in London from 1987 to 1989 before he joined Warner Music International London as Senior Financial Analyst.
1991
Fernandes was admitted as an associate member of the Association of Chartered Certified Accountants (ACCA) in 1991 and became Fellow in 1996.
He is currently a member of the Institute of Chartered Accountants in England and Wales (ICAEW).
1999
Fernandes was formerly a Warner Music executive in Malaysia, and Vice President, ASEAN at Warner Music South East Asia from December 1999 to July 2001.
When Time Warner (later WarnerMedia; now Warner Bros. Discovery) announced its merger with America Online, Fernandes left the company to pursue his dream of starting a budget no-frills airline.
2001
It was through the late Datuk Pahamin A. Rajab, 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.
AirAsia, the heavily indebted subsidiary of the Malaysian government-owned conglomerate, DRB-Hicom, was then losing money.
Fernandes mortgaged his home and used his personal savings to acquire the company, comprising two Boeing 737-300 jet aircraft and debts of US$11 million (RM40 million), for one ringgit (about 26 US cents).
One year after his takeover, AirAsia had broken even and cleared all its debts.
After the 11 September 2001 attacks at New York City and Washington, D.C., 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.
Fernandes estimates about 50 per cent of the travellers on Asia's budget airlines are first-time flyers.
Before the advent of AirAsia, he estimated that only six per cent of Malaysians had ever travelled by air.
2003
He was also instrumental in lobbying the then-Malaysian Prime Minister 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 granted landing rights to AirAsia and other discount carriers.
In Thailand and Indonesia, AirAsia holds a minority stake in the respective local companies.
2004
Its initial public offering (IPO) in November 2004 was oversubscribed by 130 per cent.
Fernandes attributes the success of AirAsia partly to timing.
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.
2007
In 2007, Fernandes started a hotel chain, Tune Hotels, based on the no frills concept.
It has properties in Britain, Australia and the Far East.
2012
In March 2012, he 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."
2018
In 2018 Fernandes announced that more low-cost carrier terminals would be developed, and confirmed that while AirAsia needed new planes, he had not yet decided on an aircraft manufacturer.
Fernandes’ plans to expand include bidding on the operations and maintenance contract for Clark International Airport in the Philippines.
2020
In February 2020, Fernandes stepped aside as CEO of AirAsia as Airbus bribery allegations were probed.
A month later, Fernandes was reinstated as CEO of AirAsia after the Airbus bribery allegations probe was cleared by Britain's Serious Fraud Office of any wrongdoing.
