József János Váradi (born 21 September 1965) is a Hungarian businessman, who co-founded Wizz Air and has been its chief executive officer (CEO) since 2003.[2]
József Váradi | |
|---|---|
| Born | 21 September 1965[1] Debrecen, Hungary |
| Alma mater | Budapest University of Economic Sciences University of London INSEAD |
| Known for | Co-founder and CEO, Wizz Air |
| Spouse | Kinga Bóta |
Early life
editVáradi was born in Debrecen, Hungary in 1965. His father took part in the 1956 Hungarian Revolution, so he had to go to jail and after it maintained his family for occasional work.[3]
Váradi moved to Budapest when 18 and earned a degree in economics from Budapest University of Economic Sciences in 1989.[4] He completed an LLM from the University of London in 2014.[5] Váradi also holds an international directorship degree from INSEAD.[6]
Career
editFrom 2001 to 2003 he was CEO of the struggling Hungarian state-owned airline Malév Hungarian Airlines.[7][8]
Váradi was removed from office by the Medgyessy government in 2003, and later that year founded Wizz Air, the largest low-cost airline in Central and Eastern Europe, with five businessmen.[9] Since the founding of Wizz Air, as its chief executive officer (CEO), Váradi's life has been completely intertwined with that of the airline.[10]
Wizz Air is headquartered in Budapest. In 2018, it was the largest airline in Central and Eastern Europe, carrying over 34 million passengers per year. It had a fleet of 105 aircraft.[11][12]
Váradi told Italian daily newspaper La Repubblica in January 2018 that he was interested in Italy's struggling carrier Alitalia, but only regarding short and medium-haul routes.[13]
After meeting with UK Prime Minister Theresa May to discuss aviation concerns regarding the Brexit, in November 2019, Váradi said that Brexit would not have a significant impact on aviation, with London remaining the largest air travel market in the world.[14]
In the second half of 2019, environmental protection concerns about flying, embodied in the "flight shame" movement, have been dismissed by Váradi as saying that Wizz Air is the greenest airline. This is based on the per-passenger emission level, adding that it will reduce emissions per capita by an additional 30 percent by 2030. At the same time, he has condemned inefficient airlines -such as Lufthansa- offering business class and using outdated technologies, which cause far more specific environmental damage than Wizz Air.[15][14]
In July 2021, Wizz Air made a bonus offer of £100 million (around 42 billion forints) to Váradi, which would be paid if the company's share value could be increased from the current level of around £45 to £120 within five years.[16][17] The bonus is also conditional on achieving a compound annual growth rate of 20%. If the growth rate is only between 10 and 20 per cent, the CEO could receive a bonus of between £20 million and £100 million.[18]
Other positions
editVáradi was one of the board of directors at Wizz Air Holdings Plc. and Wizz Air Hungary Airlines Ltd in 2019. Previously he was employed as a commissioner by PT Mandala Airlines, a member of the supervisory board at Lufthansa Technik Budapest Kft, a chief executive officer at Malév Hungarian Airlines Zrt and a sales director in charge of global customers at Procter & Gamble Ltd.[2]
Váradi was the 55th richest man in Hungary, with an estimated wealth of 42 billion HUF in 2023.[19]
Váradi is the owner of Juliet Victor Winery in Hungary, which he founded in 2015.[20] His son, Mark Varadi is the managing director since February 2023.[21]
Personal life
editVáradi is married to Kinga Bóta.[22]
References
edit- ^ "Wizz Air Limited". Companies House. Retrieved 29 July 2015.
- ^ a b "József Váradi". THE WALL STREET JOURNAL. Retrieved 28 May 2019.
- ^ Zrt, HVG Kiadó (9 November 2018). "Váradi József Wizz Air-alapító: Senki nem ülne a repülőgépen, amelyet én vezetek". hvg.hu (in Hungarian). Retrieved 11 December 2019.
- ^ "Executive Profile: József Váradi". Bloomberg. Retrieved 20 June 2015.
- ^ "Váradi scholarships". University of London.
- ^ "Information & Services". wizzair.com. Retrieved 18 September 2024.
- ^ "Seizing the right moment: the rise of Low Cost Carrier Wizz". JLS Consulting. 15 December 2014. Retrieved 28 May 2019.
- ^ MTI (2 July 2001). "Új vezérigazgató a Malév élén". index.hu (in Hungarian). Retrieved 26 November 2023.
- ^ Zrt, HVG Kiadó (9 November 2018). "Váradi József Wizz Air-alapító: Senki nem ülne a repülőgépen, amelyet én vezetek". hvg.hu (in Hungarian). Retrieved 9 September 2021.
- ^ "József Váradi, CEO of Wizz Air". The CEO Magazine. Retrieved 9 September 2021.
- ^ "Wizz Air offered to make flights to Uzbekistan". AZERNEWS. 16 July 2018. Retrieved 29 May 2019.
- ^ "Qantas named the best airline in the world by CAPA Centre of Aviation". NZ Herald. 28 November 2018. Retrieved 29 May 2019.
- ^ "UPDATE 1-UK Stocks-Factors to watch on Jan 23". REUTERS. 23 January 2018. Retrieved 5 July 2019.
- ^ a b Tivadar, Körtvélyes (13 November 2019). "Váradi szerint a légiközlekedési iparág bűne, hogy business-en utaztat". AIRportal.hu (in Hungarian). Retrieved 3 March 2020.
- ^ "Wizz Air CEO Blames Business Seats for Aviation's CO2 Headache". Bloomberg. 13 November 2019 – via www.bloomberg.com.
- ^ "A Wizz Air-vezér lehetséges bónusza kiverte a biztosítékot a brit pénzügyi körökben". Napi.hu (in Hungarian). Retrieved 9 September 2021.
- ^ Zrt, HVG Kiadó (13 July 2021). "Váradi József: Semmi sem igaz abból, hogy életünk nem lesz olyan, mint volt". hvg.hu (in Hungarian). Retrieved 9 September 2021.
- ^ Imre, Patthy Loránd (24 July 2021). "Váradi József "rohadt jó", 42 milliárdos bónusz ütheti a Wizz Air vezérének markát". index.hu (in Hungarian). Retrieved 9 September 2021.
- ^ "A 100 Leggazdagabb Magyar - 2023". a100leggazdagabbmagyar.hu. Retrieved 26 November 2023.
- ^ "Juliet Victor winery to show the best of Hungary during Furmint February". 18 December 2019.
- ^ Tan, Dawson. "Meet Mark Varadi who pushes the forefront of Hungarian wines in Asia with Juliet Victor Vineyards". Tatler Asia.
- ^ Gill, Oliver (5 August 2023). "Wizz Air boss: My £100m bonus is cheap — the UK's anti-capitalist". The Times. ISSN 0140-0460. Retrieved 13 November 2023.