EasyJet said founder Stelios Haji-Ioannou had failed in his attempt to oust key management including the CEO, according to the initial results of a shareholder vote brought over the airline's plan to buy new Airbus planes.
FILE PHOTO: An Easyjet plane takes off from Manchester Airport in Manchester, Britain January 20, 2020. REUTERS/Phil Noble/File Photo
But the British airline’s management looked set to secure backing from enough shareholders to win the votes, chairman John Barton told a virtual meeting, meaning management will stick with the order, which it argues is important for its future growth. Haji-Ioannou, whose family is easyJet’s biggest investor with a 34% stake, says that management’s plan for the airline to buy the new aircraft could bankrupt it during the current travel downturn.
Management say that the company’s financial position is strong enough to get through the crisis and the new planes are needed to replace ageing jets and will help it stay competitive when flying restarts.
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