Stelios stepping down at easyJet

STELIOS HAJI-IOANNOU, founder and chairman of no-frills airline easyJet, is stepping down following pressure from the City. The Luton-based airline said Haji-Ioannou would resign as chairman next year and leave the company.

Haji-Ioannou said he would retain a significant stake in easyJet 'for a very long time'. He currently holds 27.6%. But he would need to sell shares 'from time to time' since he had 'no other source of income from easyJet other than disposal of shares'.

He said his strengths lay in being a 'serial entrepreneur' rather than being the chairman of a public company: 'The history of the City is littered with entrepreneurs who hold onto their creations for too long, failing to recognise the changing needs of the company, its business and its shareholders.'

The appointment of his successor, Vickers chairman Sir Colin Chandler, will mean the chairman is independent from controlling shareholders, easyJet added.

Haji-Ioannou will resign at the company's 2003 annual general meeting. The other executives, with the exception of chief executive Ray Webster and its finance director, will resign from the PLC board and continue or become directors of easyJet Airline Company Ltd, a wholly-owned subsidiary of the PLC.

Haji-Ioannou founded easyJet in November 1995 and has since gone on to start a range of ventures under the 'easy' brand, including an internet cafe and car rental business. The airline joined the London Stock Exchange in 2000.