Friday, 27 January 2012
Sir Stelios Haji-Ioannou has launched an astonishing attack on the employees at the highest level at easyJet by claiming that bonuses have been crafted with 'phoney calculations.'
In a three page document he accused the company of being a 'gravy train gone wild' and that the method of calculating return on capital employed (ROCE) was done in such a way that results are three times than the rate of return using a different method. Sir Stelios also launched a broadside at easyJet's key investors such as Standard Life and Legal & General who he believed are in cahoots with easyJet over a bonus culture:
"I am aware that many of the other EZJ shareholders are listed companies themselves so they have a conflict of interest as they want to carry on with the same fat-cat City bonus culture! Turkeys will never vote for Christmas. "
The latest attack by Sir Stelios show him at his cantankerous best yet the board may feel aggrieved to be on the receiving end of such criticism after the recent business results which showed strong growth and an increase in numbers of business passengers.
The airlines chief executive Carolyn McCall was bullish over easyJet's performance and progress made from the start of 2012: "EasyJet has made a strong start to the year. This is due to firm control of costs, the strength of easyJet's network, tight capacity discipline and pricing actions taken in the second half of last financial year."
Posted by Tom Warsop at 13:26