EasyJet founder Sir Stelios Haji-Ioannou has called for an extraordinary general meeting to oust non-executive director Professor Rigas Doganis.
The move to unseat Doganis, an aviation consultant and former boss of Olympic Airways who has been on the budget carrier’s board since 2005, is the latest development in a long-running dispute between Sir Stelios and top executives at the airline.
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Sir Stelios is angry with Doganis over an aircraft order placed with Airbus in January, claiming the consultant had sanctioned a “value destroying” purchase of 35 aircraft at list prices of up to $3 billion.
Sir Stelios, whose family controls 37% of the airline’s shares, claimed Doganis also “failed to foresee” a so-called “profit warning”, announced two weeks later on January 20.
The move follows Sir Stelios forcing the removal of former deputy chairman Sir David Michels last month. Sir Stelios said: “The Airbus deal is a mistake and I have been arguing that for a long time – now it is even more obvious.
“I think it is about time that salaried employees pay for the mistakes they make with other people’s money – our financial system would be better off it held directors accountable for their mistakes.”
EasyJet hit back at the criticism, saying it was a “further unnecessary and costly distraction which is damaging to the company’s reputation and undermines investor confidence”.
”The board believes this resolution is not about removing Rigas Doganis as a director … but a clear attempt by a minority shareholder to inappropriately determine the composition of the board and to override normal corporate governance protocols,” it said in a statement.
EasyJet said it would write to shareholders recommending they vote against the resolution.