EasyJet is losing its CFO Chris Kennedy to British chipmaker ARM after five years in the cockpit of the budget airline.
ARM revealed it has poached Kennedy to replace outgoing finance man Tim Score who announced his retirement from the Cambridge-based company in May 2014. ARM chief Simon Segars welcomed Kennedy saying he was “delighted” to welcome him on board: “His global experience in building great businesses will be very valuable as we execute our strategy of investing in technology for long-term growth and creating superior returns for our shareholders."
The departure will come as blow for EasyJet and boss Carolyn McCall, as Kennedy formed part of an executive team which helped steer a turnaround at the airline. No replacement is in the frame as Yet and Kennedy will remain in place until a successor is found.
McCall, who joined at the same time as Kennedy in 2010, said: “Chris has been a key part of the management team that has transformed EasyJet's performance since 2010. He has built a strong finance and procurement team and leaves EasyJet in excellent financial health. The airline's balance sheet is the strongest in European aviation.”
At ARM the former EMI Music executive will have larger books to balance with a market cap almost twice the size of EasyJet’s. He's up for the challenge though. "The decision to leave was a very difficult one. EasyJet has a strong team and is better placed than ever to continue to grow and thrive. However, the opportunity to work for ARM in a sector in which I have had a long held interest is the right move for me at this time," said Kennedy.