EASYJET’S HAJI-IOANNOU TO VOTE AGAINST HARRISON’S EXIT PACKAGE

Dino D'Amore
By Dino D'Amore February 11, 2011 17:42

EASYJET’S HAJI-IOANNOU TO VOTE AGAINST HARRISON’S EXIT PACKAGE

Sir Stelios Haji-Ioannou, founder of easyJet, has announced he intends to vote against the exit package for former chief executive Andy Harrison. Haji-Ioannou objects to the easyJet’s plans to pay Harrison £1 million – £750,000 in salary and a £250,000 bonus – for the six months between 1 April and 30 September last year, despite the fact that he had already quit before the period started and actually left the company on June 30. And he objects to the fact that this was agreed without consulting him, the company’s largest shareholder. This is the latest development in a more long standing row between the two men, who clashed in 2008 over the airline’s brand name and growth strategy.

Haji-Ioannou claims the board did not work hard enough to link Harrison’s pay to the company’s performance – which, he claims, ‘gave the CEO the right to destroy shareholder value in the summer of 2010 with impunity’.

Dino D'Amore
By Dino D'Amore February 11, 2011 17:42
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