Next exec to chair easyJet as Mike Rake steps down

Budget airline easyJet has confirmed rumours that Chairman Sir Mike Rake is to stand down from the board in a couple of weeks' time and will be replaced by the Chairman of High Street chain Next, John Barton.

Budget airline easyJet has confirmed rumours that Chairman Sir Mike Rake is to stand down from the board in a couple of weeks' time and will be replaced by the Chairman of High Street chain Next, John Barton.

Rake, who was appointed as Deputy Chairman in June 2009, informed the board of his intention to leave back in January. The company, which joined the FTSE 100 last month, said that he as "steered" the business through three years of "success and profitable growth".

He will leave the company on May 1st.

In a statement on Wednesday, Rake said: "It has been a great experience to chair easyJet for the last three years and most particularly to see the strong management team and board in place, implementing a strategy that is clearly working.John Barton will make an excellent chairman for the next stage of easyJet's development."

Barton, who is also the Chairman of insurance group Catlin, has chaired major quoted companies for over 16 years and has "sound financial expertise and great understanding of high profile, competitive consumer markets from his time at Next," according to David Bennett, easyJet's Chairman of the nominations committee.

"We are extremely pleased to have recruited a new chairman of John Barton's calibre. John brings a wealth of plc board experience and valuable commercial expertise to easyJet," Bennett said.

Barton said that he looks forward to taking up the new rolls and aims to "ensure that the management team of easyJet can continue to deliver profitable growth and market leading returns".

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

The rising dollar is proving bad news for most other assets – will it last?
Investment strategy

The rising dollar is proving bad news for most other assets – will it last?

Precious metals, stocks and pretty much every other asset has taken a tumble as the US dollar strengthens. Dominic Frisby looks at how long this trend…
23 Sep 2020
The electric-car bubble could get an awful lot bigger from here
Renewables

The electric-car bubble could get an awful lot bigger from here

The switch to electric cars is driving a huge investment bubble. But that’s not necessarily a bad thing, says John Stepek. Fortunes will be made and l…
24 Sep 2020
Why you should stuff your end-of-pandemic portfolio with Chinese stocks
China stockmarkets

Why you should stuff your end-of-pandemic portfolio with Chinese stocks

For an end-of-pandemic portfolio, you need assets that can cope with today’s volatility. And that, says Merryn Somerset Webb, means Chinese stocks.
14 Sep 2020