EasyJet says Ray Webster to retire earlier than scheduled |
|
|
Published
:
Tue, 17 May 2005 13:30
|
Britain's biggest budget airline EasyJet announced that its long long-serving chief executive, Ray Webster would be soon leaving the airline. The company also said that its founder and major shareholder, Stelios Haji-Ioannou would rejoin the board as a non-executive director. Mr. Haji-Ioannou returns to the Luton-based company less than three years after he quit citing other business concerns including start-up ventures in car rental, cruising and Internet cafes.
Meanwhile, Mr. Webster who has been at the top ever since the airline was launched in 1995 is retiring earlier than scheduled to spend more time with his children in his native New Zealand. He will however, continue to work for EasyJet on his full salary of £403,000 until November 2006.
"In the last 10 years, EasyJet has extended the chance for a much wider number of people to travel in Europe and I'm pleased to have played a role in that. However, there have been some personal costs and I believe now is the appropriate time for the company to bring forward its succession process,” Mr. Webster said.
| For the company, it is the right time to step down. For me, it is two years too late. I have lost my mother and my father this year and that really accelerated my decision. I had hoped to spend a couple of years with them. I have a nine-year-old grandson and since he was born I have spent three days with him, which is appalling. I love the outdoors and I would love to take him and my two other grandchildren camping whilst I am still able to. Over the next decade, it is important to protect myself and my family," he elaborated.
Webster joined the airline when it had only two leased aircraft. Under his guidance, it has now grown into a major business concern though it faces stiff competition from other low-cost airlines like Ryanair. Founder Haji-Ioannou said, "Ray’s contribution to EasyJet and to the European airline industry as a whole has been immense and cannot be overstated."
Analysts are predicting that the company will survive Webster, "It is a company that he [Webster] has played a very important part in building but it will obviously survive his departure. That reflects he has built a proper company,” Gerald Khoo, an analyst with Oriel Securities, said.
The hunt for Webster's successor is already on, it is likely that his successor will be chosen from outside EasyJet.
|
|
|
|
|
|
Print this Story
