Thursday, 22 September 2011

Bumper pay day for Sir Stelios

The founder of Easyjet, Sir Stelios Haji-Ioannou is to receive £72m from his family's stake in the airline after the airline bowed to pressure to pay a special divident.

It marks the end of a three year battle between Haji-Ioannou and the easyJet board but the airlines chief executive Carolyn McCall said the payout was not due to pressure from him alone.

"Market sentiment has definitely shifted. There is no question that since things got harder in the eurozone shareholders have definitely shifted their emphasis to capital returns," McCall said.

The payout has been authorised after the airline upgraded its profit expectations for the current financial year from £200-230m to between £240m -£250m. EasyJet attributed the improved results to a strong business market, city break flights and people still travelling for holidays which are deemed to be sacrosanct despite these tough times.

Are you going to treat yourself to anything nice Sir Stelios?

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