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

Three sustainable stocks that are doing well by doing good
Share tips

Three sustainable stocks that are doing well by doing good

Professional investor Peter Michaelis of the Liontrust Sustainable Investment Team picks three stocks to buy that are helping to create a cleaner, saf…
26 Jul 2021
Share tips of the week – 23 July
Share tips

Share tips of the week – 23 July

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
23 Jul 2021
Will Zoom’s $15bn purchase help it expand?
Tech stocks

Will Zoom’s $15bn purchase help it expand?

The videoconferencing platform became a household name during the pandemic, but it now needs new sources of growth. Alex Rankine reports
23 Jul 2021
Philip Morris goes “beyond nicotine”
Stocks and shares

Philip Morris goes “beyond nicotine”

US tobacco giant Philip Morris International has agreed to pay £1bn for British inhaler specialist Vectura.
23 Jul 2021

Most Popular

The MoneyWeek Podcast: Asia, financial repression and the nature of capitalism
Economy

The MoneyWeek Podcast: Asia, financial repression and the nature of capitalism

Russell Napier talks to Merryn about financial repression – or "stealing money from old people slowly" – plus how Asian capitalism is taking over in t…
16 Jul 2021
Why the UK's 2.5% inflation is a big deal
Inflation

Why the UK's 2.5% inflation is a big deal

After years of inflation being a financial-assets problem, it is now an “ordinary things” problem too, says Merryn Somerset Webb. But central banks st…
16 Jul 2021
Commodity supercycle or not, here’s a metal that’ll still be in demand – tin
Industrial metals

Commodity supercycle or not, here’s a metal that’ll still be in demand – tin

Commodity prices may have come off the boil recently. But for tin, the only way is up. Dominic Frisby picks the best ways to invest.
7 Jul 2021