Partner Article

Rake is "too busy" for easyJet job

EasyJet founder Sir Stelios Haji-Ioannou has promised to vote against the re-election of Sir Mike Rake as chairman of the company.

Sir Stelios intends to oppose Sir Mike’s re-election at easyJet’s annual general meeting on February 21, unhappy with his plans to purchase new aircraft.

In a statement of voting intentions, issued through Sir Stelio’s easyGroup, the entrepreneur said Sir Mike “is too busy with too many messy legal problems on his hands to do a good job at easyJet over the next 6 months.”

The comment refers to Sir Mike’s position as deputy chairman at Barclays, and his directorship at Standard & Poors, both under scrutiny for malpractice.

Sir Stelios is also angered that Sir Mike wants to stand for re-election after submitting his resignation from easyJet on January 27.

The statement said: “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 to 10 years after their departure.”

Sir Stelios and his siblings retain 36% of easyJet shares although the magnate has threatened to sell more of his stake if plans to buy new aircraft are not abandoned.

This was posted in Bdaily's Members' News section by Tom Keighley .