Friday 22 May 2020 11:11 am

Easyjet says it has defeated Stelios in crunch board vote

Easyjet today said that its founder Sir Stelios Haji-Ioannou has failed in his bid to oust key management including the chief executive, according to the initial result of a shareholder vote.

Haji-Ioannou launched the attempt to remove the management team after a row over Easyjet’s continuation of a deal to buy 107 Airbus planes for £4.5bn which Haji-Ioannou says puts the future of the business at risk.

Read more: Easyjet founder offers £5m reward for Airbus deal ‘whistleblower’

The chair of the company told a virtual shareholder meeting that Haji-Ioannou’s resolutions would be defeated.

“Based on the proxy votes lodged with our registrar before the meeting, we expect all four resolutions put to the meeting to be defeated,” chair John Barton said.

Haji-Ioannou, Easyjet’s founder whose family owns 34 per cent of the company, forced the meeting giving shareholders the chance to vote on whether to back four directors: the chief executive, chief financial officer, chairman and another director.

Read more: Easyjet board set for showdown with founder over Airbus contract

Haji-Ioannou’s opposition to the plane order is the latest clash in a decade-long dispute with management.

Management say that the new planes are needed to replace ageing jets and that the company is financially able to cope with the ongoing travel slump.

Haji-Ioannou was contacted for comment.

Share: