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Saying he isn't cut out for the boardroom, Stelios Haji-Ioannou resigns as chairman of EasyJet. This site is for entertainment purposes only. 05:39 EDT 17 Jun 2020. Fintech double boost for Square Mile:Wise profits more than treble as CAB Payments confirms plans to list on Two more Odey funds frozen as beleaguered asset management firm is forced to prevent investors from fleeing. At the same time, management and the board's first priority is the successful restart of flying after a period of grounding during the crisis.'. Premium access for businesses and educational institutions. In his efforts to get the contract axed, he unsuccessfully tried to unseat four board members including Lundgren and has offered a 5m bounty to 'whistle-blowers' who can provide him with information that could scupper the order. It was delivered to her commissioning owner in 2012. That was the rationale behind other easyGroup ventures: hotels, car rental, cruise, pizza, cinema, gyms and coffee. commentary and analysis you can trust. Yet by the time the maternity ward of 67 hit their 30th birthdays, in 1997, the fare to the Greek capital had fallen. The judgement that followed reprimanded the airline in April 2007 after it made comments that its aircraft created 30% less pollution per passenger than some of its rivals. [56], EasyJet's early marketing slogan was "making flying as affordable as a pair of jeans". Start your Independent Premium subscription today. The airline's monthly inflight magazine is called The Traveller. [81], On 27 August 2020, the airline was sued by a woman over discriminatory concerns. 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In 2000, easyJet PLC was partially floated on the London Stock Exchange. [30] This acquisition was valued at 103.5 million, and was used by the airline to expand its operations at Gatwick,[31] and to establish a base at Manchester Airport. This puts the easyJet whistleblowers at risk if they are then subsequently dismissed from their job as a result of their actionspushing whistleblowing closer in orbit to a form of corporate espionage. Alternatively, customers can book accommodation separately at the EasyJetHotels website. It also sponsors annual awards with cash prizes to entrepreneurs in the UK, Greece and Cyprus. These were flown on two routes: Luton to Glasgow and Edinburgh. Stelios funds scholarships at his alma maters the London School of Economics and City, University of London. Stelios was an early adopter of the possibilities of internet sales, and drove passengers to book online by making it impossible to book a flight more than a month ahead except via the web. EasyGroup owns more than 1000 registered trademarks.Stelios Haji-Ioannou Net WorthHis net worth is estimated at US$ 1.2 billion.PhilanthropyHe is the founder of the Stelios Philanthropic Foundation, which supports charitable activities in the UK, Greece, Cyprus, and Monaco. $1.1B $2M (0.23%) Real Time Net Worth as of 6/23/23 #2493 in the world today Photo by Eamonn M. McCormack/Getty Images About Stelios Haji-Ioannou The son of a Greek Cypriot shipping magnate,. Which will take the typical wage-earner just four hours to afford. [16] This came after the company had flown 650 "rescue flights", taking 45,000 people back home. After easyJet tapped shareholders at the start of the pandemic, he warned he would not back the board if they returned to the market to ask investors for more cash. his family still owns 38% of the airline. This scientist believes she knows why, Five AI gadgets making the most of machine learning. Pandemics and travel do not sit well together. In 2005, Stelmar Shipping was sold to the OSG Group for approximately $1.3 billion. [14], EasyJet was featured in the television series Airline, broadcast on ITV (19982007), which followed the airline's operations in London Luton and later at other bases. Easyjet is considering legal action against its outspoken founder Sir Stelios Haji-Ioannou in the latest twist in the boardroom bust-up. He tells Forbes, I think that the term whistleblower is absolutely wrong on this front. Samuels, adds, A whistleblower is broadly defined as somebody [who] raises a concern based upon public interest not somebody that goes bounty hunting to help shareholders., On the issue of public interest, Samuels warns that it can often be subjective as to whats actually in the public interest. [20], In April 1996, the first wholly owned aircraft was delivered to EasyJet, enabling the company's first international route, to Amsterdam, which was operated in direct competition with rival airlines British Airways (BA) and Dutch flag carrier KLM. In an interview with Management Today, he said: 'EasyJet is seen as a huge success, which I'm happy about, because I own the brand. In 2000 Easy Jet was listed on the London stock exchange (but Stelios kept ownership of the Easy brand). EasyJet says cancelling forward aircraft deliveries will require it to compensate Airbus for discounts on 45 aircraft already delivered. Easyjet has said the directors were all in meetings on the dates he has pinpointed. Language links are at the top of the page across from the title. If online sales, cutting costs and incentivising consumers to adjust their behaviour to save cash works so well in aviation, surely it can work in other industries? [54] It also announced its first annual loss during the 25-year history of the company. Sir Stelios has repeatedly clashed with easyJets management over plans to expand the airline. Simon Lambert explains it, Ruth Sunderland discusses the impact of rising inflation. EasyJet expects a one-off cost of around 10 million over two years with up to 5 million incurred in the 2017 financial year. EasyJet UK staff would continue to be based in Luton. The stock was at 412p at this time last year. Samuels adds, What Stelios has done here is absolutely appalling. Can my energy company refuse to refund the credit in my account? ', In response, Stelios said: 'The short answer to any of the scoundrels if they are threatening to sue me is 'see you in court'.'. EasyJet was reported to have secured a significant reduction on the list price of the aircraft as part of their original 2013 deal with Airbus. During 2017, 'Air Time' was introduced on some EasyJet Switzerland flights, which enables passengers to connect to watch a selection of films and read books through an on-board WiFi network; this service is provided by Rakuten. To encourage them to do so, the purchase price of a new share has been set at 48% below its usual price. Haji-Ioannou was accused of poor maintenance and charged in Italy with manslaughter, in addition to intimidating and attempting to bribe witnesses. Whistleblowers in 99.9% of cases are people who speak up about wrongdoing, that actually protects an organization. [51], Initially, EasyJet's employment strategy was to maintain control with minimal union involvement. He lives in Monaco. The SuperYachtFan team is active in Investigative journalism. Stelios has been in a public battle with Easyjet's management for several months over a 4.5billion order for more than 100 planes with Airbus, which he believes will bankrupt the airline if it is not cancelled and is no longer necessary. Further outlets to help cope with the refugees landing on Aegean islands are in the planning stage. But I have stayed in an easyHotel, sailed on an easyCruise, caught an easyBus and paid a bargain 1 for a decent easyCoffee in Leicester Square, central London. But if they didnt exist, you wouldnt need to invent them. Which adds up to a handy pay-cheque for the founder. Hangar 89, built in 1974, has 30,000 square feet (2,800m2) of office space and can house three aircraft the size of an Airbus A319 at one time. Earlier this week, EasyGroups Stelios Haji-Ioannou, still a major shareholder though no longer an executive at easyJet, said he will offer a reward of up to 5 million ($6 million) of his own money to any whistleblower with information that leads to the cancellation of the order for easyJet to buy an additional 107 Airbus aircraft at the cost of 4,500,000,000 (i.e. Johan Lundgren British low-cost airline easyJet has today firmed an order for 56 additional A320neo aircraft as part of its fleet renewal activities. Due to this seating arrangement, to satisfy safety requirements the airline's Airbus A319 aircraft have two pairs of overwing exits, instead of the standard one-pair configuration found on most Airbus A319 aircraft. View PDF version From: Sir Stelios Haji-Ioannou To: Non-executive directors of easyJet PLC Date: 29 March 2020 'We need to consider what our options are there are lots of actions we could pursue. [63] However, there have been few announcements on the project since then. For a full comparison of Standard and Premium Digital, click here. EasyJet is a low-cost airline based in London. EasyJet founder Sir Stelios Haji-Ioannou has lost his control over his budget airline, after the company raised 1.2 billion in extra cash. We do not write articles to promote products. Ryanair reached 75% of its offer in August, and other players are gaining in strength: WizzAir (with 85% of its offer during the summer) and Blue Air, which has just acquired the Nice London route. This new tech venture aspires to become the go to online . Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. A typical Airbus A319 carries 150 or 156 passengers depending on the layout in a single-class configuration, but as the airline does not serve meals on its shorter flights, it opted for smaller galleys and had a lavatory installed in unused space at the rear of the aircraft. [97], EasyJet plc. Posted:8 March 2022. ): Credit card APRs hit 30% ALEX BRUMMER: 'Greedflation' may be hard to prove - but you can't change grasping corporate behaviour, Drinks giant Diageo cuts ties with US rapper Sean 'Diddy' Combs after he accuses them of racism. easyGroup is the private investment vehicle of Stelios the creator and owner of the easy family of brands. The yacht is designed by H2 Yacht Design, who is also responsible for her interior. It was estimated the airline could save 12% annually, equating to a 14 million reduction in fuel costs. $5.5 billion) which easyJet simply cannot afford., Referring to the leadership at easyJet as the scoundrels and Airbus as the masters of bribery Haji-Ioannou says, We are looking for small tips, anything from lavish entertainment at the Paris Air Show. In 2019 Stelios donated US$ 10 million to his fund.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'superyachtfan_com-medrectangle-4','ezslot_7',696,'0','0'])};__ez_fad_position('div-gpt-ad-superyachtfan_com-medrectangle-4-0'); Sir Stelios also signed theGiving Pledge, a commitment by the worlds wealthiest individuals to dedicate the majority of their wealth to giving back. The comments below have not been moderated, By What's he doing now? "[18], In an April 2010 letter to the Daily Telegraph, Haji-Ioannou joined 23 other UK business leaders, including Marks & Spencer's Stuart Rose and Next's Simon Wolfson, criticising the Brown government's plans to raise National Insurance contribution rates. Shares ended 2.7pc lower at 690p, valuing the company at 5.2bn. Do you know more about this yacht? We use Not Europe's Stelios Haji-Ioannou, a battling Greek born to wealth, but tearing the old order apart. [22] By 2007, EasyJet was claiming to be operating more flights per day than any other European airline. Discount airline cites July traffic and "ancillary revenue," reaffirms FY06 profit view. The group is licensing the Easy brand name to companies offering consumers more value for less.Companies include EasyCar, EasyHotel, EasyGym, and Easy Office. Other executives of the airline saw the potential and approved a website trial involving putting a different telephone reservation number on the website to track success. The organisation has eight brand values, including relentless innovation, great value and taking on the big boys. [17], EasyJet has its roots in the business activity of Greek-Cypriot Stelios Haji-Ioannou, who reportedly gained an interest in the aviation business after being approached as a potential investor in Virgin Atlantic's Greek franchisee. [15], On 30 March 2020, EasyJet temporarily grounded its entire fleet of planes due to the COVID-19 pandemic. The group is licensing the Easy brand name to companies offering consumers more value for less. The share price has gone up and down as it's got bigger and things have happened but overall, really it's gone sideways. What Stelios was doing before lift became 'easy' The new airline is headquartered in Vienna and will allow EasyJet to continue operating flights across and within European countries after the UK leaves the EU. Both of his siblings have a large stake in easyJet. EasyGroup owns more than 1000 registered trademarks. In terms of passenger numbers, easyJet is the second largest low-cost airline, behind Ryanair. It was suspected some of the shell corporations registered were used for illegal activities such as fraud although there is no suggestion those linked to Bonnant were used for this purpose. [22] In October 2004, the FL Group, owner of the airlines Icelandair and Sterling Airlines, purchased an 8.4% stake in the airline. Stelios still owns a third of Easyjet's shares with his family though he sold a 0.7 per cent stake in the group last week, worth around 22m. As of March 2011, EasyJet Holidays has provided holidays and city breaks to all of the airline's routes. [18][19], In 1995, EasyJet was established by Stelios, being the first company in what would later become the easyGroup conglomerate. Our reporting is copied and/or used by many international media companies. The adverts featured a picture of Haji-Ioannou in the style of Pinocchio and referred to him as "easyJet's Mr Late Again". Number of home sellers accepting bigger discounts increases almost THREEFOLD in the past year, as property MARKET REPORT: Economic turmoil in Nigeria takes the shine off St Tropez and Imperial Leather owner PZ Cussons. The easyJet founder Sir Stelios Haji-Ioannou has lost his grip on the budget airline he launched a quarter of a century ago after the company raised 1.2bn of extra cash. [29], Originally, EasyJet did not allocate seats so passengers took any available seats, with the option to pay for "Speedy Boarding", which allowed them to be first onto the aircraft. Sir Stelios is . It urged travellers to cut out the travel agent. EasyGroup Holdings Ltd, the investment vehicle of the airline's founder, Greek-Cypriot businessman Stelios Haji-Ioannou,[8] is the largest shareholder with a 15.27% stake (as of September 2021). According to the Panama Papers, financial and legal documents leaked in 2016, Bonnant was a director of at least 176 of the off-shore shell corporations registered through Panamanian law firm Mossack Fonseca. The competition is fierce. Standard Digital includes access to a wealth of global news, analysis and expert opinion. In 2006, at the age of 39, Stelios received a knighthood from HM Queen Elizabeth II for services to entrepreneurship. [22][23], On 5 November 2000, EasyJet was floated on the London Stock Exchange. [7] EasyJet plc is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. It also gives a 50,000 cash prize to the winner of the Disabled Entrepreneur in the UK Award, run in conjunction with Leonard Cheshire Disability. The Telegraph values your comments but kindly requests all posts are on topic, constructive and respectful. As is acknowledged on all sides, it was grave, describing the bribery as endemic in two core business areas within Airbus.. Several of these aircraft were based at Berlin-Tegel Airport, before its closure. EasyJet Plus is an annual subscription product targeted at frequent flyers,[122] both business and leisure. Its pilot training scheme was the subject of another ITV television series, easyJet: Inside the Cockpit, which premiered in August 2017. He founded Stelmar Shipping based in Athens in 1992. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Sir Stelios, the low . Click to reveal [59] The airline has used a number of slogans since its establishment, including "The Web's Favourite Airline", "Come on, let's fly" and "To Fly, To Save" (a parody of British Airways' slogan "To Fly, To Serve"). The airline's loyalty programme is called Flight Club. [95] Citing diminishing demand on the route, EasyJet ceased all flights to Moscow in March 2016. Please do send us a message. personalising content and ads, providing social media features and to Going under the 25pc threshold means that Sir Stelios is unable to veto key decisions by the board that require the support of three-quarters of shareholders. offers FT membership to read for free. Sir Stelios and his family no longer can no longer veto key decisions by the airline's board after his stake falls to 15.3pc. The group, along with associate companies EasyJet UK, EasyJet Europe and EasyJet Switzerland, operates 308 aircraft. Whilst in 2019 the family owned 33.7% of easyJet, by the end of September 2021 they . Its original advertising consisted of little more than the airline's telephone booking number painted in bright orange on the side of its aircraft. He stated at the time that this appointment did not reflect his political affiliations, adding, "I agreed to be included in the group of entrepreneurs because I was assured it will be non-partisan. On the question of legal ramifications or costs, the spokesperson says, Haji-Ioannou, will indemnify any person, who faces penalties as a result of disclosure, for any legal costs incurred.. [118] Onboard sales are an important part of the airline's ancillary revenue; gifts such as fragrances, cosmetics, gadgets as well as duty-free cigarettes, rolling tobacco and a large selection of spirits. [22][111][112], In December 2001, the airline switched from a third-party reservation system to an in-house system. Stelios still isn't happy Stelios is still unsatisfied. In 2017, you can easily find return flights from Gatwick to Athens on easyJet for 66 return (I recommend a spring escape on 25 April for a fortnight). Since that extraordinary general meeting . [There is] not much difference between left and right any more. Related by education: London School of Economics. EasyJet, founded in 1995 by the father of Monegasque resident Sir Stelios Haji-Ioannou, was not spared. Stelios Haji-Ioannou was born in February 1967 in Athens, Greece. The yacht can accommodate 12 guests and has a crew of 7. Haji-Ioannou conducts business via his private investment vehicle, the easyGroup, which owns the 'easy' brand and licenses it to the various 'easy'-branded ventures, including the airline. cookies We spend a lot of team researching and deeply investigating yacht ownership structures. Keep abreast of significant corporate, financial and political developments around the world. Today, we demand they boost rates NOW or Revolution bosses ousted in AGM chaos but trio are reappointed as crisis grips make-up firm. The first aircraft, an Airbus A320, was re-registered as OE-IVA. The EasyJet founder Sir Stelios Haji-Ioannou has lost his hold on the budget airline he started a quarter of a century ago after raising the company 1.2bn of The EasyJet founder Sir Stelios Haji-Ioannou has lost his hold on the budget airline he started a quarter of a century ago after raising the company 1.2bn of How much of EasyJet does Stelios own? The Greek Cypriot billionaire and his family now own 15.3pc of the airline as a result, down from 25.3pc.

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