April 21, 2024


Imagination at work

Stelios loses his grip on easyJet after 26 years

Sir Stelios has frequently clashed with easyJet’s management around plans to develop the airline. 

Just after easyJet tapped shareholders at the start out of the pandemic, he warned he would not back again the board if they returned to the sector to ask traders for extra dollars. 

Sir Stelios declined to comment on the dilution of his stake in easyJet.

Some 93pc of shareholders backed the £1.2bn legal rights problem, place in location to pay back down financial debt and capitalise on the problems experiencing “legacy” carriers this kind of as British Airways. 

EasyJet’s placement has been strengthened in the very last week after BA’s program to start a new limited-haul airline at Gatwick have been scuppered by its pilots voting down the proposals. 

BA will continue on to function lengthy-haul products and services from the airport, but it is unclear if it will provide the Gatwick landing slots or transfer them to a further IAG airline this kind of as Aer Lingus or Vueling.

Shares finished 2.7pc decreased at 690p, valuing the enterprise at £5.2bn. The stock was at 412p at this time very last yr.