Stelios says easyJet directors could be ‘easily replaced’
30.01.12
easyJet founder Sir Stelios Haji-Ioannou has again hit out at the remuneration of the budget airline’s board members, after reports suggested directors might resign if shareholders do not approve their their remuneration at the budget airline's AGM next month. The ten strong board have been awarded up to £8m in bonus shares over the next 3 years after record performance last year, but Sir Stelios believes the bonus is based on a false measure of return on capital.
Sir Stelios said: ‘These guys are welcome to resign anytime. I know as shareholders we could easily replace them with talented executives and experienced non-executive directors who will cost half as much in bonuses. We must take a stand against directors who seem to regard our company as their personal piggy bank to be dipped into at will. The gravy train of £180m free shares issued over the last decade must come to an end now.’
The airline saw revenues rise 16.7% in the last three months of 2011 as passenger numbers rose 8.1%. Sir Stelios, who founded easyJet in 1995, quit the airline's board in 2010 after a row over strategy, ut he and his family still control just under 38% of its shares. The board suffered defeat at last year’s AGM when it failed to secure the 50% backing needed to pass the remuneration report.
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