easy name may have to go
15.05.10
Budget airline easyJet has drawn up plans to drop the easy name if the board cannot resolve its bitter row with the airline’s founder, Sir Stelios Haji-Ioannou, the Times reports. A board member told the newspaper: ‘You would expect us to have looked at this and we have. We do not want to lose the easy name, but if you are facing a flood you put up barriers.'
The bitter dispute between Sir Stelios and the board over the airline's strategy exploded again on Friday, when he resigned as a non executive director. He said he had stepped down to speak freely about his concerns, adding ‘The gag is off.' He is said to be considering calling an extraordinary meeting to give shareholders the opportunity to vote on the strategy.
He has accused Andy Harrison, the airline's chief executive who will leave next month, of pursuing a reckless expansion programme and buying too many aircraft without considering the return to shareholders. The company has rejected the claim, saying Sir Stelios agreed to all aircraft deals and the commercial strategy along with the rest of the board. It also pointed out that easyJet was one of the few airlines to be profitable during the recession.
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