16th May 2005 13:10
easyJet PLC16 May 2005 16 May 2005 BOARD CHANGES easyJet plc announced today that Ray Webster, the Chief Executive of theCompany, will be stepping down as Chief Executive, following almost ten years -in which he has led easyJet through a period of unprecedented growth - includinga listing on the London Stock Exchange, the acquisition of Go Fly, the purchaseof 120 Airbus A319 aircraft with options for a further 120 on highly attractiveterms and the building of one of Europe's leading low-cost carriers. Ray hasdecided that this is the appropriate point in time for the Company to identifyand appoint a successor. This will enable him to effect an orderly handover,complete certain strategic assignments and relinquish his executive duties. Onthe appointment of his successor, Ray will resign from the Board and, up until30 November 2006, will report to the Chairman, carrying out specified tasks forthe 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. Asour recently released traffic statistics showed, easyJet continues to performstrongly in the face of competition and other challenges, and in line with ourexpectations. Ray's leadership of the easyJet team for almost ten years hasunderpinned this sustained achievement. However, his strong personal commitmentto the Company has been at considerable personal cost. Given that he planned toretire in 2006, he felt the succession process should be accelerated. My fellowdirectors accept and support Ray's decision even though we shall greatly misshis talents. A search for a successor, which will include internal and externalcandidates, is underway, working to criteria established as part of oursuccession planning." Ray Webster said: "Building and developing easyJet has been the highlight of my long career in theairline business. In the last ten years, easyJet has extended the chance for amuch wider number of people to travel in Europe and I'm pleased to have played arole in that. However, there have been some personal costs and I believe now isthe appropriate time for the Company to bring forward its succession planningprocess. The airline is in good shape, with a strong management team anddedicated people, operating in dynamic markets, and I wish the easyJet teamconsiderable future success." easyJet is taking this opportunity to announce other planned Board changes. AmirEilon who joined easyJet in 1999 and currently represents easyGroup on the Boardwill stay until the Company's AGM by which time he will have served twothree-year terms, and will not offer himself for re-election. easyJet isdelighted to invite Stelios Haji-Ioannou, founder and major shareholder, torejoin the Board as a non-executive director with immediate effect. He willretain his considerable involvement with his other companies. Sir Colin said: "We are delighted that Stelios has accepted our invitation to rejoin the Boardas a non-executive, allowing him to maintain his commitment to his otherbusiness interests. His entrepreneurial skills and business acumen will be ofgreat value to easyJet as we continue the profitable growth of one of Europe'sleading low-cost airlines. I would also like to thank Amir for his guidance andcounsel since 1999." Stelios Haji-Ioannou said: "Ray's contribution to easyJet and to the European airline industry as a wholehas been immense and cannot be understated. Throughout the last ten years hiscommitment to the low-cost business model and our airline has been huge and hehas been a highly valued and trusted colleague. "As a major shareholder I have always maintained my interest in easyJet plc - avery important investment for me. The Board has kept me informed of theCompany's development all along. By becoming a non-executive director myself,rather than operate through a representative on the Board, I expect it tocontinue to be business as usual. I hope to make a contribution based on myclose understanding of the easyJet business model, an appreciation of itsmarkets and its unique culture. I would like to stress that my role will be in apurely non-executive capacity, given my business commitments with the 14 othereasy-branded businesses. Moreover for clarity, I would like to reiterate myearlier position that I have no current intentions to take the Company private." ENDS ContacteasyJet 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 ExchangeRelated Shares:
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