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easyJet founder to vote against company

The founder of Luton-based airline easyJet is to vote against the company at its annual meeting.

Sir Stelios Haji-Ioannou, who with his family holds 36% of easyJet's shares, is unhappy with plans to order a new fleet of fuel-efficient aircraft.

He plans to oppose the re-election of Sir Mike Rake as non-executive chairman and the board's remuneration report at the meeting on February 21st.

Sir Stelios failed in attempts to oust Sir Mike at previous meetings. He believes the new planes are not necessary and will be acquired at the detriment of shareholders.

He is unhappy that Sir Mike is standing for re-election, when he has already announced he will leave the company in the summer.

We do not believe directors who have resigned should be allowed to commit any company to a major programme of capital expenditure that will burden the company for 5-7 years after their departure.

– Sir Stelios Haji-Ioannou