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Further coverage on Stelios' letter to easyJet Chairman |
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Posted: 11 February 2011 |
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To read Stelios' letter to Sir Michael Rake about AGM votes... click HERE ------------------------- Stelios swipe at Harrison pay In an open letter to easyJet chairman Sir Michael Rake, Stelios pledged to use the firm's annual meeting to register a symbolic vote against a £1m retention bonus paid to Harrison for the six months before he left to join Whitbread. Harrison hit back, saying that 'all aspects of my remuneration were determined by the remuneration committee and to the best of my knowledge were communicated to the full board'. Shares in easyJet fell 8.6p to 380.5p. ------------------------- Stelios flies into rage over 'insult' The Greek tycoon yesterday revealed he will vote AGAINST the business he created at its annual meeting next week. He is furious that former boss Andy Harrison landed £1million for just three months' work last summer. He told Sun City: "Given how much damage was done to the company in the summer of 2010, this adds insult to injury." At the time Mr Harrison was working his notice and easyJet paid him the cash to keep him on board as a consultant before a successor was found. But Mr Haji-Ioannou, below, blames Mr Harrison's decision to slash costs for a wave of delays that he says "destroyed" the brand last summer. easyJet's punctuality at Gatwick was worse than AIR ZIMBABWE at one point as it was forced to cancel flights due to lack of crew. Mr Haji-Ioannou has no position at the airline but controls 38 per cent of the shares. Mr Harrison said yesterday: "All aspects of my remuneration were determined by the remuneration committee." ------------------------- Founder threatens to vote against easyJet Sir Stelios Haji-Ioannou has renewed his long-running dispute with the airline he founded by threatening to vote against resolutions at easyJet's annual meeting next week. The entrepreneur is furious that the budget airline's former chief executive, Andy Harrison, was paid £1 million for three months' work in addition to a £1.2 million loyalty bonus. Sir Stelios has written to Sir Michael Rake, easyJet's chairman, to tell him that he will vote against the company's remuneration report at its annual meeting next Thursday. He will also abstain in the vote to re-elect Sir David Michels as a non-executive director. Sir David was the interim chairman when Mr Harrison's contract was renegotiated. ------------------------- easyJet founder slams ex-CEO's pay deals easyJet founder Sir Stelios Haji-Ioannou yesterday kept up the pressure on the budget airline as he spoke out against a £2.5m retention package for its former chief executive. Sir Stelios, whose family is the carrier's largest shareholder, slammed pay deals agreed for previous boss Andrew Harrison since May 2009, in particular a £1m six-month fixed agreement. easyJet agreed to pay Mr Harrison £750,000, plus a £250,000 bonus between April 1 and September 30 while it sought a new boss. ------------------------- Stelios slams £2.5m package easyJet founder Sir Stelios Haji-Ioannou is keeping up the pressure on the budget airline by speaking out against a £2.5m retention package for its former chief executive. Sir Stelios, whose family is the carrier's largest shareholder, slammed pay deals agreed for previous boss Andrew Harrison, in particular a £1m six-month fixed agreement. ------------------------- Stelios attacks easyJet over payments to former chief easyJet'S largest shareholder and founder, Stelios Haji-Ioannou, has attacked the company's board over payments made to the airline's former chief executive. In a letter posted on his easyGroup website, the Greek entrepreneur said he would vote against a resolution to approve directors' remuneration for 2009/10 at the company's forthcoming annual general meeting. ------------------------- easyJet founder protests at Harrison payment Sir Stelios Haji-Ioannou, EasyJet's largest shareholder, has pledged to vote against the budget airline's remuneration package, which included a £1m payment to the carrier's former boss for six months' work. The easyJet founder, whose family holds about 38 per cent of the company's shares, said he would protest against the payment to Andy Harrison at the carrier''s annual meeting next week. In a letter to Sir Michael Rake, easyJet's chairman, Mr Haji-Ioannou said Mr Harrison had been paid £750,000 in salary and a £250,000 bonus for the period from April 1 to September 30 last year, despite leaving the business halfway through, on June 30. Mr Harrison took home more than £2.5m last year. "I was not consulted on this package, either as a director or as a shareholder, as is customary with major shareholders," said Mr Haji-Ioannou. ------------------------- Sir Stelios redoubles attack on easyJet The battle between Sir Stelios Haji-Ioannou and easyJet, the airline he founded, has resumed after the tycoon pledged to oppose the board's remuneration package. Sir Stelios issued a statement yesterday criticising a £1m payment made to former chief executive Andrew Harrison between April 1 to September 30 last year, which includes three months after he left easyJet. "I was not consulted on this package, either as a director or as a shareholder, as is customary with major shareholders," said Sir Stelios, whose family owns 38pc of the airline. According to sources, Mr Harrison, who announced he was leaving easyJet in December 2009, was paid £250,000 a month from April to June last year in order to stay on as chief executive as the company battled operational difficulties, rising fuel costs, management departures and a legal row with Sir Stelios over the rights to the "easy" brand. ------------------------- Sir Stelios reignites easyJet feud in fury over remuneration The rapprochement between Sir Stelios Haji-Ioannou and easyJet proved all too brief yesterday when the airline's founder said he would vote down the £1m pay deal for its former chief executive Andrew Harrison at next week's annual meeting. Mr Harrison left the airline last year after a dispute with Sir Stelios over easyJet's growth strategy and the rights to the "easy" name. Since his departure, Sir Stelios and the new chief executive, Carolyn McCall, appeared to be building bridges, agreeing a deal to settle the brand dispute last October. ------------------------- Stelios resumes battle over easyJet chief's pay Sir Stelios Haji-Ioannou has resumed his spat with easyJet's former chief executive, Andy Harrison, by pledging to vote against the budget airline's remuneration package, which included a £1m payment to the carrier's ex-boss for six months' work. The easyJet founder, whose family speak for about 38% of the company's shares, said he would stage the protest at the carrier's annual meeting next week. In a letter to Sir Michael Rake, easyJet's chairman, Haji-Ioannou said Harrison had been paid £750,000 in salary and a £250,000 bonus for the period from 1 April to September 30 last year, despite leaving the business halfway through, on 30 June. Harrison took home a total of more than £2.5m last year. "I was not consulted on this package, either as a director or as a shareholder, as is customary with major shareholders," said Haji-Ioannou. ------------------------- Stelios hits out at former easyJet CEO's pay
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