Stelios threatens another easyJet showdown

Stelios threatens another easyJet showdown

EasyJet founder Sir Stelios Haji-Ioannou is threatening a showdown with the company at its annual meeting next week.

He has vowed to oppose the re-election of Sir Mike Rake as non-executive chairman and the board's remuneration report at the February 21 meeting.

He is unhappy that Sir Mike is standing for re-election when he has already announced he will leave the airline in the summer because easyJet's expected promotion to the FTSE 100 Index will conflict with his role as chairman of BT Group.

Sir Stelios is also unhappy at the carrier's plans to place a large order for a fleet of more fuel-efficient aircraft.

"We do not believe directors who have resigned should be allowed to commit any company to a major programme of capital expenditure that will burden the company for five to seven years after their departure," he was reported by Sky News as saying.

Sir Stelios, who with his family holds 36% of easyJet's shares, last month threatened to sell off the stake.

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