Mike Oscar;
It is that attitude, one lacking in self pride, that will encourage management in any field to trample all over you. They will push you down as low as they can or YOU allow them to.
Moving on to an enquiry. I'm a pilot not in easyjet but am a share holder. I hope for some inside local knowledge.
In the aftermath of 9/11 last February, EJ shares were low 4.00. They were a recommended buy with specialist brokers. Over the following few weeks they rose to 5.60. Seemed good advice.
Within a few months they had fallen 60% to low 2.00's. Not a word from the management!!!!!!! It could not be brushed off with a split in the shares or the general market; not 60% so soon after a buy recommendation.
While this was happening we were reading that about the chaos that was happening with the schedules. I had friends in VEX ferrying from BRS to man the pumps, and even heard of B757's helping out. This must have cost a fortune off the bottom line and is not the first costly cock-up.
At the same time the purchase of GO was announced and management awarded themselves 10m bonus. For what??
It is management's job to strengthen the business. That is what they're paid for.(I get paid not to bend aeroplanes. The bouns is long overdue. )
If management feel they deserve a bonus for doing their job, where is the penalty for screwing it up??????? (A bent areoplane = P45 for me). The success, or not, of buying GO will take at least 1 if not 2 years of full accounts to prove the case. Awarding yourself an ourageous bonus so soon is like getting the Oscar before the film is released. And gawd knows what will be up for grabs if ej buy DBA.
The troops were offered a paltry sum for 2002 and I believe it is not yet settled. They perhaps will get jam tomorrow in any employee share sale. As the share price crashed, and management saw their own massive windfall on share profit dissolve before their own eyes, and perhaps by their own hand, have they offset this and guaranteed themselves jam today, AND perhaps jam tomorrow?
I presume the 10m comes off the botom line. The troops are share holders. Do you have a voice at a share holders meeting? Surely such matters need to be agreed at such a meeting. Has anyone spoken up? And if the moral issue is so strong that pilots leave, and a/c eat concrete, what of the share price then; indeed the future of the whole airline?
Easyjet publically presented itself as a new fresh airline with a cosy family culture that did not follow the old model. I read RW's own words in ej's magazine. He said that at the core of the orange philosophy were, equality, honesty & transparency. Fine words, but where are the deeds to back them up?
I see fat cats in the shadows at ej. The old model of greed is alive and well. It all seems a damn shame.
What is really going on? There appears to be no comparison with South West, except in ticket sales. EJ procalim that they are based on SWA and that the employees of SWA have voted it one of the best compnaies in USA to work for. By inference ej is the same. From the posts on other threads this does not seem to be the case.
So will ej survive and grow, which is essential for the share price? What will the new chairman change? I suspect policies will only change with personeel changes. Do I hold/buy/sell?