Airline Founder Seeks Ouster of Execs Over Plane Order

He's upset over the company's decision to buy 107 planes for roughly $4.5 billion during a pandemic.

 

The founder of UK airline EasyJet is fuming over a decision by the company to purchase 107 Airbus planes. Sir Stelios Haji-Ioannou is EasyJet’s biggest shareholder, and says the airplanes are worthless considering the recent pandemic’s hit on the airline industry.

Haji-Ioannou says the jet order is worth $4.5 billion and paying for it would threaten the airline’s very survival.

According to Reuters, he is calling for a shareholder vote to remove two executives, including the company’s CFO, who engineered the deal.

He also said if paying for the planes mean EasyJet defaults on other financial obligations, he’d personally ensure “any scoundrels responsible” went to jail.

An EasyJet spokesperson told Reuters “We remain absolutely focused on removing expenditure from the business ... and on safeguarding jobs and short-term liquidity.”

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