Stelios set for talks with easyJet chairman next week
05.07.10
Sir Stelios Haji-Ioannou is set for a showdown with easyJet next week as he seeks to change the airline's strategy, the Wall Street Journal reports. He is also seeking to influence its new chief executive, Carolyn McCall, who starts work today and is to meet Michael Rake, the budget airline's chairman, on July 13 to discuss a range of concerns, including when the airline will start paying a dividend.
Sir Stelios, who resigned from the board two months ago in a disagreement over strategy, wants easyJet to drop its growth strategy and start returning money to shareholders. The newspaper reports that the questions he intends to put to Sir Michael include:
At what level of penetration of the European short-haul market does the board believe the company will have achieved its growth potential?
Recent aircraft orders have reverted to Airbus. When will competition with Boeing be re-engaged?
How does the board expect a long-term investor to realise value from their investment? When should investors expect a regular dividend?
While these questions will be addressed to the chairman, Sir Stelios is also reported to be hoping to influence Ms McCall as she reviews the company's operations. He had a poor relationship with her predecessor, Andy Harrison, and the two did not part on friendly terms.
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