Just incase anybody has any doubt about the attitudes of Easyjet senior management. The following figures have been taken directly from the Annual Report and Accounts 2005 which has just been released.
Ray Webster’s salary last year increased from £390000 to £401090. On top of that he was paid a bonus of £117000 (30% of salary). In Oct 2006 he will receive another bonus of £232811 (58% of salary).
To put these figures in perspective pilot shares options are worthless for the second year running and can be thrown away, and as most of you are aware, in real terms we have been offered a pay cut this year. Finally, should Easyjet make the FTSE 100 before Sept 2008 senior management will be awarded a years pay in the form of share options. No wonder they are trying to cut our terms and conditions.