Tan Sri Dato' Sri 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. Until 2021, he was 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 F.C.
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Early life and education
Fernandes was born in Kuala Lumpur on 30 April 1964 to an Indian father (originally from Goa) and a mother of mixed Indian (Malayalis) 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. 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.
Career
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.
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).
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.
AirAsia
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. Its initial public offering (IPO) in November 2004 was oversubscribed by 130 per cent.
Fernandes attributes the success of AirAsia partly to timing. 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.
Fernandes 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. 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.
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.
Other ventures
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.
In March 2012, Fernandes 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." A joint statement was issued, signed by the various members of the Board, including Fernandes.
In 2013, Fernandes hosted the first season of The Apprentice Asia, the Asian spin-off of the reality game show The Apprentice, in which a group of aspiring young businesspeople compete for the chance to work with Fernandes. However, his role will be replaced by founder, chairman, and CEO of ONE Championship, Chatri Sityodtong for the second season in 2021.
In 2017, Fernandes launches his first memoir, Flying High, published by Penguin Books.
In 2018, Fernandes was named the head of Malaysia Stadium Corporation (MSC) by the Malaysian Youth and Sports Ministry.
In 2020, Fernandes ventured to food delivery as COVID-19 has hit hard on Air Asia.
Fernandes is the founder of the Caterham F1 Formula One team, which began racing in 2010 as Lotus Racing and raced in 2011 as Team Lotus. On 2 July 2014, Caterham F1 was sold to a Swiss and Middle Eastern consortium.
On 16 December 2009, Fernandes accepted a "challenge" from Richard Branson, a fellow airline boss and the owner of Lotus' fellow F1 newcomers Virgin Racing. The losing team's boss would work on the winner's airline for a day dressed as a steward. Branson lost. Fernandes' team produced a poster depicting Branson in an Air Asia uniform. However, the date of the flight was delayed several times: first because of Branson breaking his leg, then because of the royal wedding, and later because of a fire at the Necker Island. On 19 December 2012, Fernandes announced that Branson would honour his bet in May 2013. Branson ultimately honoured the bet on 13 May 2013.
Personal life
Fernandes was previously married to Deborah Lee Bergstrom on 1 June 1994 and separated in 2004. They had two children, Stephanie and Stephen.
On 14 October 2017, Fernandes married a South Korean actress, Chloe Kim, at Hotel Cap Estel, in Èze on the French Riviera after having dated her for more than two years. On 3 October 2021, he announced on his LinkedIn that his third child, Aliyah Ena Fernandes and was born on 14 August 2021.
Fernandes is also an Overseas Citizen of India, owing to his partial Indian ancestry.
Fernandes revealed in a separate interview with The Nut Graph in November 2009 and with Free Malaysia Today in September 2016 that he does not speak Malay, while stating that he can understand the language, but he can't speak it very well.
As of 2020, Forbes valued Fernandes' net worth at US$335 million, dropping from US$650 million that rank him at number 28 on the Forbes list of Malaysia's Richest in February 2014 then. In November 2020, he sold an Ayrshire estate in Scotland for £2.5 million (S$4.45 million), as the COVID-19 pandemic has taken a toll on airlines worldwide.
Honours and awards
Honours of Malaysia
Malaysia
Commander of the Order of Loyalty to the Crown of Malaysia (PSM) – Tan Sri (2011)
Negeri Sembilan
Knight Commander of the Grand Order of Tuanku Jaafar (DPTJ) – Dato' (2005)
Pahang
Knight Companion of the Order of Sultan Ahmad Shah of Pahang (DSAP) – Dato' (2007)
Grand Knight of the Order of Sultan Ahmad Shah of Pahang (SSAP) – Dato' Sri (2007)
Perak
Knight Grand Commander of the Order of the Perak State Crown (SPMP) – Dato' Seri (2011)
Foreign honours
France
Commander of the National Order of the Legion of Honour (2017)
United Kingdom
Commander of the Order of the British Empire (CBE) (2011)
Honorary degrees
Cambodia
Honorary Doctorate in Management from University of Cambodia - (Dr.) (2017)
Malaysia
Honorary Doctorate in Business Innovation from University of Technology Malaysia - (Dr.) (2010)
Honorary Doctorate from Binary University - (Dr.) (2014)
Honorary Doctorate in Corporate Leadership from MAHSA University - (Dr.) (2017)
Honorary Doctorate in Management from University of Putra Malaysia - (Dr.) (2019)
United Kingdom
Honorary Doctorate from Cranfield University - (Dr.) (2018)
Awards
International Herald Tribune Award for the "Visionaries & Leadership Series", for his outstanding work in AirAsia
"Malaysian CEO of the Year 2003" in December 2003; so far awarded to only nine other recipients in the country, by American Express and Business Times. The award was an initiative to recognise entrepreneurial and managerial expertise and performance among leaders of Malaysian corporations.
Named the joint winner of the CEO of the Year 2003 award by American Express Corporate Services and Business Times
"Emerging Entrepreneur of the Year" in the Ernst & Young "Entrepreneur Of The Year Awards" in 2003
Made the list of Business Week's "25 Stars of Asia" in 2005
Malaysian Ernst & Young "Entrepreneur of the Year 2006"
"Excellence In Leadership - Asia Pacific Leadership Awards 2009"
2010 Forbes Asia businessman of the year
2011 No. 52 in FastCompany's Top 100 Most Creative People in Business
"Brand Builder of the Year" 2014 at the World Branding Awards, for his work in building the AirAsia brand