easyJet PLC
16 May 2005
16 May 2005
BOARD CHANGES
easyJet plc announced today that Ray Webster, the Chief Executive of the
Company, will be stepping down as Chief Executive, following almost ten years -
in which he has led easyJet through a period of unprecedented growth - including
a listing on the London Stock Exchange, the acquisition of Go Fly, the purchase
of 120 Airbus A319 aircraft with options for a further 120 on highly attractive
terms and the building of one of Europe's leading low-cost carriers. Ray has
decided that this is the appropriate point in time for the Company to identify
and appoint a successor. This will enable him to effect an orderly handover,
complete certain strategic assignments and relinquish his executive duties. On
the appointment of his successor, Ray will resign from the Board and, up until
30 November 2006, will report to the Chairman, carrying out specified tasks for
the Company, which will draw on his expertise and skills.
Commenting, the Chairman of easyJet plc, Sir Colin Chandler said:
'Ray's contribution to the success of easyJet has been hugely significant. As
our recently released traffic statistics showed, easyJet continues to perform
strongly in the face of competition and other challenges, and in line with our
expectations. Ray's leadership of the easyJet team for almost ten years has
underpinned this sustained achievement. However, his strong personal commitment
to the Company has been at considerable personal cost. Given that he planned to
retire in 2006, he felt the succession process should be accelerated. My fellow
directors accept and support Ray's decision even though we shall greatly miss
his talents. A search for a successor, which will include internal and external
candidates, is underway, working to criteria established as part of our
succession planning.'
Ray Webster said:
'Building and developing easyJet has been the highlight of my long career in the
airline business. In the last ten years, easyJet has extended the chance for a
much wider number of people to travel in Europe and I'm pleased to have played a
role in that. However, there have been some personal costs and I believe now is
the appropriate time for the Company to bring forward its succession planning
process. The airline is in good shape, with a strong management team and
dedicated people, operating in dynamic markets, and I wish the easyJet team
considerable future success.'
easyJet is taking this opportunity to announce other planned Board changes. Amir
Eilon who joined easyJet in 1999 and currently represents easyGroup on the Board
will stay until the Company's AGM by which time he will have served two
three-year terms, and will not offer himself for re-election. easyJet is
delighted to invite Stelios Haji-Ioannou, founder and major shareholder, to
rejoin the Board as a non-executive director with immediate effect. He will
retain his considerable involvement with his other companies.
Sir Colin said:
'We are delighted that Stelios has accepted our invitation to rejoin the Board
as a non-executive, allowing him to maintain his commitment to his other
business interests. His entrepreneurial skills and business acumen will be of
great value to easyJet as we continue the profitable growth of one of Europe's
leading low-cost airlines. I would also like to thank Amir for his guidance and
counsel since 1999.'
Stelios Haji-Ioannou said:
'Ray's contribution to easyJet and to the European airline industry as a whole
has been immense and cannot be understated. Throughout the last ten years his
commitment to the low-cost business model and our airline has been huge and he
has been a highly valued and trusted colleague.
'As a major shareholder I have always maintained my interest in easyJet plc - a
very important investment for me. The Board has kept me informed of the
Company's development all along. By becoming a non-executive director myself,
rather than operate through a representative on the Board, I expect it to
continue to be business as usual. I hope to make a contribution based on my
close understanding of the easyJet business model, an appreciation of its
markets and its unique culture. I would like to stress that my role will be in a
purely non-executive capacity, given my business commitments with the 14 other
easy-branded businesses. Moreover for clarity, I would like to reiterate my
earlier position that I have no current intentions to take the Company private.'
ENDS
Contact
easyJet plc
Financial:
Andrew Barker, Investor Relations +44 (0) 1582 525 274
Press:
Toby Nicol, Corporate Communications +44 (0) 1582 525 339
This information is provided by RNS
The company news service from the London Stock Exchange
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