easyJet Chairman to step down this summer

Sir Mike Rake, the Chairman of budget airline easyJet, is to step down from the board this summer, the company said on Monday morning.

Sir Mike Rake, the Chairman of budget airline easyJet, is to step down from the board this summer, the company said on Monday morning.

In a press release that confirmed earlier weekend reports, easyJet said that Rake has agreed to stay in his post until a successor is found to ensure a smooth hand over. The board has already started looking for a new Chairman.

The move comes after three years of high-profile public arguments between management and easyJet founder Sir Stelios Haji-Ioannou about how the company is run. These battles culminated last week in Stelios threatening to sell part of his stake if the board goes ahead with plans to buy new aircraft.

Stelios, who had previously attempted to oust Rake as Chairman and failed, voiced his concern over the company's expansion plans in an open letter published on January 21st, accusing directors of "squandering" cash on new planes.

Unsurprisingly, the company made no mention of this confrontation on Monday.

Commenting on his departure, Rake said: "In advance of the forthcoming AGM I wanted to make my position clear.easyJet has by any definition enjoyed a period of success and profitable growth in the last three years. As this takes the airline to the threshold of entry to the FTSE 100 it is the right time for me to stand down.

"It has been a tremendous experience to chair easyJet over the last three years. easyJet is a dynamic and successful company in a vitally important sector for the European economy," he said.

Recommended

Marks & Spencer shares look cheap – should you buy in?
Retail stocks

Marks & Spencer shares look cheap – should you buy in?

Marks & Spencer shares have been a disappointment for investors for two decades. But with the company now on something of a comeback, Rupert Hargreave…
25 May 2022
The Federal Reserve wants markets to fall – here’s what that means for investors
Stockmarkets

The Federal Reserve wants markets to fall – here’s what that means for investors

The Federal Reserve’s primary mandate is to keep inflation down, and lower asset prices help with that. So, asks Dominic Frisby – just how low will st…
25 May 2022
Four high-quality US stocks to give shelter from the storm
Share tips

Four high-quality US stocks to give shelter from the storm

Professional investor Timothy Parton of the JPMorgan American Investment Trust picks four solid US stocks to buy now.
24 May 2022
Three undervalued mid-cap stocks with attractive prospects
Share tips

Three undervalued mid-cap stocks with attractive prospects

Professional investor Katen Patel of the JPMorgan Mid Cap Investment Trust picks three fast-growing mid-cap stocks to buy now.
24 May 2022

Most Popular

The world’s hottest housing markets are faltering – is the UK next?
House prices

The world’s hottest housing markets are faltering – is the UK next?

As interest rates rise, house prices in the world’s most overpriced markets are starting to fall. The UK’s turn will come, says John Stepek. But will …
23 May 2022
The Federal Reserve wants markets to fall – here’s what that means for investors
Stockmarkets

The Federal Reserve wants markets to fall – here’s what that means for investors

The Federal Reserve’s primary mandate is to keep inflation down, and lower asset prices help with that. So, asks Dominic Frisby – just how low will st…
25 May 2022
Should you be worried about energy windfall tax proposals?
Energy

Should you be worried about energy windfall tax proposals?

Calls have been growing for a windfall tax on UK oil and gas producers. It's a popular idea, but is it a good one? And what does it mean for investors…
24 May 2022