Stelios-easyJet row rumbles on

13
31st Jan 2012
Stelios-easyJet row rumbles on

Sir Stelios Haji-Ioannou has again attacked executives at easyJet, saying they are “welcome to resign” anytime.

Stelios was following up criticism of what he regards as a “fat cat” bonus culture at the carrier, in which he and his family maintain a 38 per cent stake.

Directors at the Luton-based low-cost carrier have put forward a pay deal which could see ten senior executives offered £8 million in shares over the next three years.

In retaliation Stelios has tabled a motion at the annual meeting next month attempting to block the proposed deal, prompting reports the board are considering a mass walkout.

In a statement earlier, Stelios responded: “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.”

He argued the decision was part of a wider attack on the leadership of the company.

“We must take a stand against directors who seem to regard our company as their personal piggy bank to be dipped into at will.

“The gravy train of £180m free shares issued over the last decade must come to an end now,” he added.

Stelios founded easyJet in 1995.

He quit the board in 2010 after a row over strategy.

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