Next Chairman to take over reins of easyJet Chairman

Chairman of fashion retailer Next, John Barton, is in talks to chair low-cost airline easyJet, Sky News reported Tuesday.

Chairman of fashion retailer Next, John Barton, is in talks to chair low-cost airline easyJet, Sky News reported Tuesday.

Barton has emerged as a contender to replace Sir Mike Rake, who retires this summer to become President of CBI, a business lobby group.

easyJet is yet to confirm a successor and insiders told the broadcaster at least one other person besides Barton is in line for the job.

"His is one of the names in the mix but it isn't the only one," a source said.

Another possible candidate is Charles Gurassa, the Deputy Chairman and Senior Independent Director of easyJet.

The budget carrier is expected to make a decision as soon as this week.

Rake leaves following reports of company infighting with the airline's founder and largest shareholder Sir Stelios Haji-Ioannou.

Haji-Ioannou accused Rake of having to may corporate roles and being involved in the excessive pay culture at Barclays, where he is Deputy Chairman.

He had also called on the company's management to reduce its investment in new aircraft deliveries and focus on improving shareholder returns.

The founder threatened to reduce his stake if the company placed a large order to expand its fleet.

If Barton is selected as Rake's replacement, he would likely hand over his responsibilities at Next in a couple of years.

An easyJet spokesman declined to comment.

RD

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
Central banks are rushing to build digital currencies. What are they, and what do they mean for you?
Bitcoin

Central banks are rushing to build digital currencies. What are they, and what do they mean for you?

As bitcoin continues to soar in value, many of the world’s central banks are looking to emulate it by issuing their own digital currencies. But centra…
8 Apr 2021
Four investment trusts for income investors to buy now
Investment trusts

Four investment trusts for income investors to buy now

Some high-yielding listed lending funds have come through the crisis with flying colours. David Stevenson picks four of the best.
12 Apr 2021