EasyJet Board Gets Support In Chairman Battle

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Published: July 28, 2012

US shareholder advisory firm Glass Lewis has recommended that investors reject an attempt by the founder of easyJet to oust the chairman from the board of the budget airline.

Stelios Haji-Ioannou, who is also the largest shareholder in the company, has called for Mike Rake to go due to increasing commitments at Barclays, where he is deputy chairman.

EasyJet, which has urged shareholders to reject Stelios’s move, said on Friday that Glass Lewis, an influential US proxy advisory body that makes shareholder voting recommendations, had also recommended voters reject the resolution.

Investors representing 26.5 percent of the company’s shares have said they will reject the vote, easyJet said, while Stelios holds a 26.4 percent stake.

Rake had been the front runner to take over the chairmanship of Barclays, which is struggling to recover from an interest rate rigging scandal, but ruled himself out of the job on Monday.

A meeting to vote on the proposal is due to take place on August 13.

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