easyJet chairman Rake to step down

by Kevin Reed

More from this author

28 Jan 2013

  • Comments
Mike Rake

SIR MIKE RAKE is to step down as easyJet chairman after a turbulent period in the role.

The former UK and international KPMG chairman will leave easyJet in the summer, seeking re-election in February's AGM and then handing over to his successor over the coming months.

During his three years in the role, he has faced intense criticism from easyJet founder and major shareholder Sir Stelios Haji-Ioannou for holding roles at other businesses. Some advisory groups were against Sir Stelios' calls, but he was backed by PIRC.

But Sir Mike narrowly won the vote for his reappointment in an EGM in August, with 53.3% voting against his removal.

Sir Mike Rake described his term as a "tremendous experience".

He said: "EasyJet has by any definition enjoyed a period of success and profitable growth in the last three years. As this takes the airline to the threshold of entry to the FTSE 100, it is the right time for me to stand down ... easyJet is a dynamic and successful company in a vitally important sector for the European economy."

Charles Gurassa, deputy chairman and senior independent director, said: "On behalf of the board, I would like to thank Sir Mike for the huge contribution he has made to easyJet over the past three years.

"During this time, he has overseen a more than doubling in the value of the company through the successful delivery of easyJet's strategy of sustainable growth and returns, refreshed the board, appointed a new chief executive and finance director, introduced dividend payments, and led the negotiation of a new brand licence agreement."

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit
  • Send

Appointments to University Committees

University of Glasgow 120x60University of Glasgow - Glasgow - unremunerated positions

 

 

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.