The founder of EasyJet, Stelios Haji-Ioannou, has reportedly lost his power to veto decisions made the board on behalf of the airline after he let his stake dwindle.
The billionaire, who launched the budget airline 26 years ago, chose not to buy new shares in a rights issue following a takeover bid by rival Wizz Air, reports say.
His stake has tumbled to 15.3 per cent from 25.3 per cent – while at least a quarter of shares is needed to be able to intervene in shareholder decision making.
The airline’s shares dipped 3.5 per cent to 684.6p per share by market close.
The airline magnate had kept tight grip on around a third of the London-listed businesses until relatively recently.
The Greek-Cypriot billionaire has also reportedly conflicted with EasyJet’s management over plans to expand the airline in the past.
After EasyJet tapped shareholders at the start of the pandemic, Haji-Ioannou warned he would not back the board if they returned to the market to ask investors for more cash.