Easyjet chief executive to step down

Easyjet has announced that chief executive Ray Webster is to step down after ten years with the company.

Mr Webster described his time with Easyjet as the “highlight” of his long career in the airline business, but admitted that he had to make “some personal costs”. He said: “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 sucession planning process.”

In a statement, Easyjet said that Mr Webster had led the company through a period of “unprecedented growth”, which included a listing on the London Stock Exchange, the acquisition of Go Fly and the building of the company into one of Europe’s leading low-cost carriers.

Sir Colin Chandler, Chairman of Easyjet said that Mr Webster’s contribution to Easyjet had been “hugely significant”.

Mr Webster, who was due to leave the company next year, will resign from the board upon appointment of his sucessor, but Easyjet said that he would continue to report to the chairman until 30 November 2006, “carrying out specified tasks for the company, which will draw on his expertise and skills”.

Easyjet have also announced that Easyjet founder and major shareholder Stelios Haji-Ioannou is re-joining the board as a non-executive director. Sir Colin said that he was “delighted” at Mr Haji-Ioannou’s decision to re-join the board. He said: “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.”

Mr Haji-Ioannou, who currently runs a group of 14 other Easy-branded businesses, stressed that his role will be in a purely non-executive capacity and said that he had no “current intentions” to take the company private.

(KMcA/SP)