Stelios changes easyJet director target
06.09.11
easyJet founder and major shareholder Sir Stelios Haji-Ioannou has called for an extraordinary meeting of shareholders at the airline to vote on the removal of Rigas Doganis from the board. He is unhappy with Doganis for voting in favour of the purchase of 35 new aircraft in January, before the company issued a profit warning later that month.
Sir Stelios said in a statement: ‘That profit warning has since destroyed about a quarter of the company's market capitalisation or some £600m. Had the profit warning been announced before the aircraft order, we believe that the drop in the market cap would have necessitated a shareholder vote for the capital expenditure in circumstances where he would have known that the directors would have failed to obtain such approval.’
Doganis has been on the board of easyJet since 2005. He is an aviation consultant and strategy adviser to airlines, airports, banks and governments. easyJet said in a statement: 'This is a further unnecessary and costly distraction which is damaging to the company's reputation and undermines investor confidence. The board believes that this resolution is not about removing Rigas Doganis as a director of easyJet, but a clear attempt by a minority shareholder to inappropriately determine the composition of the board and to override normal corporate governance protocols.’
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