At the level you can just vote down whoever you want.
So if he, as you say, basically has a controlling stake in the company - why can't he appoint and mix as he wishes?
It isn't his fault that people don't want to 'upset the apple cart' or can't be bothered to vote.
There is no-one on this forum, or anywhere for that matter of fact, allow an investment to go tits up. He has obviously made a calculated judgement less he wouldn't have made it public.
The board seem to disagree with him, yet the 'big one' - Southwest, seem to agree with the Greek. They have REDUCED their flying by 6% year on year:
"Southwest’s passenger traffic increased by about 5 percent during the third quarter versus 2008 totals, even as it reduced flying by 6 percent." (
Southwest Airlines' strategy for growth is in the bag - Chicago Tribune)
Now the European and US markets are different, but for arguably the world's most successful carrier EVER to reduce capacity and for others to plough on for expansion is a bit naive.
Please not, before someone mentions the Ryanair policies, they are a carrier on their own. Although originally modelled on the Southwest model, they have gone to the extreme and for them, who's priorities lie on aiming for the holy grail - free flights.
easyJet are very much more like Southwest. They use some of the larger airports and have higher frequencies, arguably for the businessman and woman.
I personally think Stelios is correct in his stance for a more responsible growth strategy. The man has given his points:
"In an interview with the Guardian last year, Haji-Ioannou voiced fears that the company's finances, and the value of his shareholding, could be severely damaged by acquiring more than 100 aircraft during a passenger drought. "It is how do you pay, how do you finance 109 aircraft? You can't risk having to raise debt or equity in a deep recession," he said." (
EasyJet entrepreneur Stelios wins boardroom battle after 'fed-up' chairman quits early | Business | The Guardian)
And some of the analysts agree:
"EasyJet says it is confident that it has enough debt and cash to pay for the expanded fleet, but some City commentators are openly supportive of his stance.
"I think he does have a point," said Douglas McNeill, analyst at Blue Oar Securities. "The Airbus contract carries with it the prospect of a mismatch between easyJet's capacity and passenger demand in the medium term. For Stelios and other shareholders the risk is that this causes the fixed costs to be spread across fewer passengers. And that puts profits under pressure."
Michels paid tribute to easyJet's founder. "He has very strong feelings but if you owned nearly 40% of the airline, you'd have strong feelings too." (Same source as above)
I don't know all the facts but from the outside, it looks like Stelios has very strong feelings for the future of the carrier and serious concerns about it's fleet expansion.