easyJet chairman Rake to step down

by Kevin Reed

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28 Jan 2013

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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."

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