EASYJET INVESTORS yesterday rebuffed an attempt by the budget airline’s founder and largest shareholder Stelios Haji-Ioannou to oust chairman Michael Rake.
Haji-Ioannou, better known as Stelios, called for the removal of Rake, who is also deputy chairman of Barclays, in the wake of the Libor-rigging scandal at the British bank.
At a shareholder meeting, 53.3 per cent of EasyJet investors rejected the resolution while 46.7 per cent supported the move, with a turnout of over 80 per cent. Stelios and his family control 37.2 per cent of EasyJet.
“The board continues to seek a constructive relationship with all its shareholders and urges Sir Stelios and EasyGroup to engage with EasyJet,” said deputy chairman Charles Gurassa.
Stelios, who founded the low-cost carrier in 1995, called for Rake to go last month due to increasing commitments at Barclays after the interest-rate rigging scandal became public.
Rake had been favourite to take over the chairmanship of Barclays but later ruled himself out of the job. Stelios quit the airline’s board in 2010 after a row over strategy. – (Reuters)