September 29, 2023


Passion For Business

Stelios loses his grip on easyJet after 26 years

Sir Stelios has repeatedly clashed with easyJet’s management around options to broaden the airline. 

Following easyJet tapped shareholders at the start of the pandemic, he warned he would not back the board if they returned to the market to talk to investors for additional hard cash. 

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

Some 93pc of shareholders backed the £1.2bn legal rights challenge, place in place to pay out down financial debt and capitalise on the complications dealing with “legacy” carriers this kind of as British Airways. 

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

BA will proceed to work extensive-haul companies from the airport, but it is unclear if it will sell the Gatwick landing slots or transfer them to an additional IAG airline this kind of as Aer Lingus or Vueling.

Shares finished two.7pc lower at 690p, valuing the corporation at £5.2bn. The stock was at 412p at this time previous year.