Stelios steps up pressure on easyJet with EGM request
06.08.11
easyJet's largest shareholder and founder Sir Stelios Haji-Ioannou has called for an extraordinary general meeting of shareholders' to vote on the removal of David Michels as a director, as part of a long-running dispute with the company over its strategy.
Stelios, who along with his siblings owns around 38 percent of the low-cost airline, gave 11 reasons for the request yesterday, including the company's share price performance and an aircraft order from Airbus announced in January. Mr Michels, easyJet's deputy chairman and senior independent director, announced in May he plans to step down from the board at the end of 2011.
easyJet confirmed it had received the request. It said in a statement: ‘The board is disappointed that easyGroup [the share holding vehicle of Stelios] has taken this step, which it views as an unnecessary distraction. The board will write to easyJet shareholders in due course setting out its position.’
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