5/22/2020, 6:47 PM (Source: TeleTrader)
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EasyJet founder fails to remove management

EasyJet founder Stelios Haji-Ioannou failed to remove the top three managers of the company on Friday.

Haji-Ioannou previously threatened with a lawsuit over an order from Airbus worth $5.5 billion, as he believed the process should have been halted due to the coronavirus pandemic. The management went on to respond that the agreement could not be canceled by reason of "force majeure." Haji-Ioannou then tried to oust the management but his attempt was overruled by more than 99% of independent shareholders.

"The airline industry is facing unprecedented challenges and the board’s immediate priority has been to take the necessary steps to successfully guide easyJet through this period of uncertainty," the chairman John Barton said. EasyJet is expected to resume flights on June 15.

Breaking the News / JR