Budget carrier easyJet will emerge as victor in a tussle with founder and biggest shareholder Stelios Haji-Ioannou over the future of its chairman Sir Mike Rake.
According to weekend reports shareholders will vote against Haji-Ioannou’s attempt to Rake, who is also the deputy chairman of Barclays.
Haji-Ioannou originally called for Rake to stand down at easyJet when it was suggested he might take over at Barclays in the wake of the Libor inter-bank interest rate fixing scandal.
However, even though that will not happen Haji-Ioannou has continued to insist Rake should go, claiming he has too many commitments.
The Sunday Times reported that easyJet has secured enough shareholder backing to defeat Haji-Ioannou at a meeting due to be held today.
A similar vote on executive pay at the airline saw him defeated when 56% of shareholders sided with the board and reports suggest easyJet has secured a similar level of backing this time.
Stelios and his family owns 37.5% of easyJet shares and the row over Rake is just the latest in a -series of bust-ups about the strategic direction in which the airline is going.
The Sunday Times said another fall out is imminent with easyJet poised to make a significant order for new aircraft, an issues on which Haji-Ioannou has fallen out with the current management previously.
This is a community-moderated forum.
All post are the individual views of the respective commenter and are not the expressed views of Travel Weekly.
By posting your comments you agree to accept our Terms & Conditions.