Yahoo Finance EasyJet finance chief resigns days after surviving Stelios vote
EasyJet's finance chief has resigned just days after surviving a dramatic shareholder vote to oust him that was triggered by founder Sir Stelios Haji-Ioannou.
Andrew Findlay, who joined the budget airline in October 2015, will stay on until his notice period ends in May next year. He vowed to help boss Johan Lundgren steer the firm through a global collapse in air travel triggered by efforts to fight Covid-19.
The resignation comes as easyJet battles to survive plunging passenger numbers and a legal assault from Sir Stelios over the direction of the company.
Mr Findlay said: "Although I have given notice to leave easyJet in a year's time, I remain fully committed to the business to support Johan and to ensure easyJet successfully weathers this unprecedented time for the airline industry," he said.
"I would like to thank the shareholders who supported me and my fellow directors in the recent general meeting. I intend to repay that support in the coming year."
EasyJet will now launch a search for a new chief financial officer.
Mr Findlay's was resoundingly backed by shareholders in Friday's vote, which was brought forward by Sir Stelios as part of a row over a £4.5bn order for Airbus planes.
More than 99pc of votes cast by investors other than Sir Stelios and his family supported keeping Mr Findlay in his position.
Mr Lundgren, chairman John Barton and non-executive director Andreas Bierwirth won similar support and will remain in their posts.
In response to Mr Findlay's resignation, Sir Stelios said: "We are now getting closer to cancelling the Airbus contract that will save easyJet."
EasyJet deferred the delivery of 24 Airbus aircraft last month in an attempt to cut costs, but Greek-Cypriot billionaire believes the deliveries should be axed altogether.
The carrier has also borrowed more than £1bn to shore up its balance sheet, including tapping a state-backed emergency loan scheme in a move opposed by Sir Stelios.
Mr Lundgren praised Mr Findlay's work at the company.
He said: "As the longest standing member of the airline management board, Andrew has and continues to provide solid financial steerage and guidance. This has been particularly so during recent months when he was quick to secure liquidity and deliver a significant reduction in cash burn.
"We all look forward to working with Andrew over the coming 12 months as we successfully steer easyJet though this unprecedented time for the industry."
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Last week, the airline announced it would restart some flights in the UK and France from June 15 despite both countries imposing a 14-day quarantine rule on travellers. EasyJet's fleet has been grounded since March due to Covid-19.
Shares jumped 12.3pc to 626p. Airline stocks were boosted in early trading on reports that travel lockdowns could be eased and Lufthansa is on the brink of agreeing a €9bn (£8bn) bailout from the German government.
