20 AUGUST 2012

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Article from BTNews 20 AUGUST 2012

Stelios fails

EasyJet shareholders have rebuffed an attempt by the budget airline's founder and largest shareholder Sir Stelios Haji-Ioannou to oust Chairman Michael Rake.  This was the latest attempt by the entrepreneur to change the direction that the airline is going, the challenge brought about due to Rake’s involvement with Barclays Bank, where he is Deputy Chairman.

Once the Haji-Ioannou family investment is taken away it is very clear that the vast majority of shareholders, mostly from The City, are pleased with the airline’s results.

"The board continues to seek a constructive relationship with all its shareholders and urges Sir Stelios and easyGroup to engage with easyJet", said Deputy Chairman Charles Gurassa, himself formerly with British Airways.

In its latest financial statement easyJet has reported a 10.5% jump in revenue to £1.03bn for its third quarter. This accompanied a 7.5% increase in seats flown and 10.9% more passengers to 16m. www.easyjet.com

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