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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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".
-
Should you invest in UK equities?
The FTSE 100 hit a record high this week, but UK equities remain unloved and undervalued compared to their global and US peers. Should you snap them up at a discount?
By Katie Williams Published
-
State pension errors: DWP urged to check for mistakes among divorced people
Former pensions minister Steve Webb says there are a high number of divorced women on low state pensions. Now MPs want the DWP to check if there were any errors in “potentially underpaying men and women who are divorced”.
By Ruth Emery Published