Founder backs down in airline row
The founder and major shareholder of low cost carrier easyJet, Sir Stelios Haji-Ioannu has withdrawn his demand that he appoint two members to the airline's board.
A spokesman for Europe's second largest LCC confirmed that the notice for next month's annual shareholders' meeting had no new nominations for directors.
Sir Stelios, who founded easyJet in 1995, had said he would nominate two new directors after a row over the airline's accounting methods and future growth policy last November.
During the row, Sir Stelios, who rejoined the easyJet board in 2005 after a brief absence, revealed he had increased his stake in the carrier to 26.9%.
He said he had transferred 47,964,575 ordinary shares in easyJet, owned by his sister Clelia Haji-Ioannu, to his company easyGroup.
At the same time, he said he would nominate two easyGroup employees Andrew Cooper and Anthony Robb-John as easyJet directors.
He also threatened to have himself re-installed as chairman in place of the current incumbent Sir Colin Chandler although this was later withdrawn.
However the notice to shareholders reveals that Sir Stelios is still standing by his refusal to approve easyJet's results.
The annual meeting is due to be held on February 5.
www.easyJet.com