Mike Rake, chairman of easyJet, has confirmed he will step down in the summer after three years in the job.

His tenure has been marked by clashes with the easyJet founder, Stelios Haji-Ioannou, over the future direction of the airline, as well as a rise in its share price.

Last year Haji-Ioannou failed in an attempt to oust Rake at an extraordinary general meeting.

He had accused him of alleged conflicts of interest.

Rake will still seek re-election at the AGM on February 21st and has agreed to remain in his post in order to ensure a smooth hand over to a new leader.

Charles Gurassa, deputy chairman and senior Independent director, said: “On behalf of the board I would like to thank Sir Mike for the huge contribution he has made to easyJet over the past three years.

“During this time he has overseen a more than doubling in the value of the company through the successful delivery of easyJet’s strategy of sustainable growth and returns, refreshed the board, appointed a new chief executive and finance director, introduced dividend payments and led the negotiation of a new brand licence agreement.”