Browse Sections

• Business 
  • Business of the year
  • Commercial property
  • Deals
  • Reviews
  • Budget
  • Advertise with us
• Technology
• Greenlife
• Health
• Showbiz
• Education
• Local elections
• Shipman
• Special reports
• User comments

Stelios row with easyJet directors escalates

ben rooth
18/11/2008

A BOARDROOM row at easyJet escalated today as the low-cost airline said its high-profile founder and non-executive director Stelios Haji-Iannou had refused to approve its annual accounts.

In a statement attached to easyJet's full-year results, 27 per cent shareholder Stelios said he disagreed with some of the airline's accounting policies relating to the recent acquisition of GB Airways.

The carrier's shares dropped 3.5 per cent to 266.75p.

Stelios also repeated demands for the payment of a dividend and for the appointment of two new non-executive directors of his choice, although he said his stance was not an attempt to return to power and that he backed current chairman Colin Chandler.

The dispute between Stelios, who stepped down as chairman in 2002, emerged last week as he called for the payment of a dividend and a more cautious growth strategy.

His demands came as easyJet said it expects to remain profitable in the year to September 2009, as it reported first quarter winter bookings ahead of last year while it was cutting costs and preserving its cash base.

It reported a 35 per cent fall in pre-tax profis to £123m for the year to the end of September, in line with forecasts.