Sir Stelios: EasyJet board can be easily replaced if pay deal leads to resignations

EASYJET founder Sir Stelios Haji-Ioannou has again hit out at the remuneration of the budget airline’s board members, after reports suggested directors might resign if shareholders voted down their pay packages.

“These guys are welcome to resign anytime. I know as shareholders we could easily replace them with talented executives and experienced non-executive directors who will cost half as much in bonuses,” Sir Stelios said yesterday, in his latest tirade against the company remuneration report, which would see board members awarded up to £8m in bonus shares.

The board, which needs 50 per cent backing for the pay deal, is expected to be unsuccessful as Sir Stelios commands a 37.5 per cent stake.

“We must take a stand against directors who seem to regard our company as their personal piggy bank to be dipped into at will,” Sir Stelios added. “The gravy train of £180m free shares issued over the last decade must come to an end now.”

Despite conjecture that it might be the final straw, defeat is unlikely to result in board resignation en masse.

This comments mark the most recent fracas in an ongoing scuffle between the 10-strong board, led by chairman Sir Michael Rake, and founder Sir Stelios.