The "confidence in the city " thing has been, and continues to be, grossly overstated. Perhaps some room for improvement but the figures were always presented honestly and without spin.
Now I'm an easyJet shareholder and I can tell you that the totally undeserved drops in share prices were due to hedge-fund manipulation. A lot of people made a lot of money during that campaign, I even made a few quid myself.
Now that the hedge-funds have moved on to other targets, the share price has stabilised. Creeping up nicely despite continuing concerns over fuel prices.
The lack of impact on the share price of Ray's departure signifies that the city thinks that the airline has a stable an competent board in place to guide the succession.
Lets hope they get a good replacement.