EasyJet chairman to resign

Thursday, 18 Apr, 2002 0

Stelios Haji-Ioannou, the entrepreneurial founder of EasyJet, has announced that he will resign as chairman of the airline at its 2003 annual meeting and announced a shake-up of the board.

Mr Haji-Ioannou will remain as chairman of other companies in the Easy empire, including the Easyeverything internet cafe chain and Easyrentacar. Sir Colin Chandler has been appointed as deputy chairman of EasyJet, with the intention that he will succeed Mr Haji-Ioannou as chairman next year.

Three of the six senior EasyJet managers are stepping down from the board, leaving Mr Haji-Ioannou, Ray Webster, chief executive, and Chris Walton, finance director, as the only three remaining executive directors.

In a statement released by EasyJet, the airline said: “All current executive directors, with the exception of the Chief Executive and the Finance Director, will resign from the PLC Board and continue or become directors of easyJet Airline Company Ltd, a wholly-owned subsidiary of the PLC and the company which holds the Air Operators Certificate. As a result, the majority of directors of easyJet PLC will be independent.”

Commenting on recent criticism by some institutional shareholders over the board make-up and its corporate governance, Mr Haji-Ioannou said: “Starting a company requires a very different skill set to those needed to chair a major PLC and I consider my strengths are in the former – I am a serial entrepreneur. The history of the City is littered with entrepreneurs who held onto their creations for too long, failing to recognise the changing needs of the company, its business and its shareholders. I took note of the concerns of institutional investors and I want to ensure the company abides by the highest standards of corporate governance.”

Read the full statement from EasyJet.

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