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Sir Stelios escalates dispute with easyJet

8-Aug-2011 10:30 AM

easyJet founder and major shareholder Sir Stelios Haji-Ioannou has written to easyJet's board asking for the company to hold an extraordinary meeting (The Telegraph, 06-Aug-2011). Sir Stelios has publicly questioned Sir David Michels’ presence on the board and if easyJet grants his request of an extraordinary general meeting, he will appeal to other easyJet shareholders, including M&G, Schroders and Standard Life, to vote on ending Sir David's tenure with immediate effect. Sir Stelios believes Sir David voted in favour of giving former CEO Andy Harrison a bonus for staying on for an extra three months. Sir Stelios is also against the board’s decision to approve an order for 145 new Airbus A320-family aircraft, which came weeks before a profit warning.

easyJet confirmed (05-Aug-2011) that its board has received a request from easyGroup asking it to convene an extraordinary general meeting at which a resolution would be tabled to vote on the removal of Sir David Michels as a director of easyJet plc. "The board is disappointed that easyGroup has taken this step which it views as an unnecessary distraction. The board will write to easyJet shareholders in due course setting out its position," the airline said in a statement. "easyJet announced on 23-May that Sir David Michels would step down at the end of his second three-year term at the end of 2011". [more]