Hopefully someone a little more dynamic and ambitious for the airline than Caroline has been. easyJet has been profitable (very important!), but has stagnated somewhat, particularly outside the UK. I think they have found themselves squeezed between Wizz at the low end in Eastern Europe, FR going slightly upmarket and BA fighting back from the top down. The "mid-market" area they had positioned themselves in seems to be a squeezed from all sides.

Excellent and succinct assessment brian_dromey

Without wishing to disagree with Brian, it's worth remembering that under Carolyn's tenure, Easyjet's reliability has improved tremendously. As a customer I feel I can buy a ticket and (barring major weather) be certain that I'll get to my destination with minimal delay

It may not have the energetic buzz of the 1990s, but it is very much an airline for which operational execution is extremely strong. That claim was more dubious under her predecessor

That said, hasn't Stelios poured scorn over any attempts to get bigger and bigger?

Rather than being stagnant, they've maximised their aircraft in terms of passenger numbers filling well over 90% of their aircraft and as a result making big profits for their shareholders. I'd say they're doing just fine.

There are opportunities for growth, but the European market is almost saturated. There are too many airlines overstretching themselves and as a result putting on too many seats for passengers that aren't there.

I'm somewhere in the middle. While CMC has made EZY a more attractive proposition for passengers, and yes the profits have reflected that, there are issues which have yet to be addressed.

Cost per seat is a bit high, which has left them fragile in bases where they don't have a leading position. Evident from the withdrawal in Hamburg, Rome and previously Madrid. There has also been an inability to gain marketshare in Germany outside Berlin, and of course being trapped by a more upmarket Ryanair, Wizzair and majors.

Dannyboy39 - I would say they have been able to do this as the 319's are too small, the 321's are long overdue.

Come the next high fuel price bloodbath,they will be one of the airlines that survives.

Edit: Also, come the next higher borrowing costs bloodbath, they will also be one of the airlines that survives and is stronger...

A lot of how their future is determined will come down to luck, though. If some kind of economic bloodbath happens while Ryanair are trying to work out what do do with hundreds of new planes, that is good for easyJet. If it happens after Ryanair have found things to do with hundreds of new planes, that is very bad for easyJet indeed!

They needed a leader, they got a manager.

I think CMC has overall done a good job. Aa a public company as I have said before the shareholders come first and they have been reasonably well looked after. The company has become more secure in its approach- I certainly don't want "leadership" to mean adventurism at the expense of the share price.

I think Stelios has made it clear that he is more interested in his continuing dividends than in adventurous investment. These threads are full of posters with ideas as to how to spend other people's money.

I'm not suggesting they spend money with dramatic expansion. I believe they could do better on costs, and yes replacing the 319's with 320's and 321's are certainly going to help - especially when FR are muscling in at primary airports.

Aa a public company as I have said before the shareholders come first and they have been reasonably well looked after.

Hm? I understand you "can't buck the market", but the share price performance has been scary, and yet attracted so little comment in general financial pages. Jan 2015 share price >£19. Nov 2015 record results announced and share price dilutes to >£17. Early 2016 it drifts further to >£14. After the Brexit vote it dives to >£10. So in 12 months the share value reduced 20-25% on the back of record profits and an expanding a/c order; all while fuel price was holding at record lows and £/$/€ was still strong. After the Brexit vote further decline might not be unusual, but it still shows an 85% share dive in 18months during a period of high profits and declared expansion plans.
OK, it has recovered recently back to >£14, but it doesn't explain the crash of 2015/16.

Goes back to the Manager - Leadership bit............. City investors are not fools. CMC steadied the ship but

In 2010 WW put planes in the air and told UK Govt they would be falling from sky if they were refused permission to land during Iceland Volcano issue. That's Leadership and accepring full responsibility for what is going to happen.

MOL quite happy to go into bat against any Govt / Body. He wins more than he loses but you know he will still put his nuts in the vice if required.

I see nothing in that in CMC in being willing to put head on the chopping block. Easyjet will talk of private discussions with Govts etc etc. but that is it. Stelios was a leader.

Then explain why, under CMC in years prior to 2015, did the share price rise so equally impressively as they fell in the period I discuss? I doubt 'the market' is in tune with your thoughts. There need to be more concrete reasons.

'Feel good factor' with CMC making the airline more customer focused? (i.e before the others cottoned onto the idea...?)

With another shambolic summer of delays and short notice cancellations well underway, I fail to see how CMC leaving can be a bad thing for the company.

Apparently considering further expansion in Berlin - including Tegel (!) (and pulling off Hamburg)

I can only speak as I find, but as a relatively frequent easyJet traveller (3 to 4 flights a month) then the reliability recently has been much improved versus last summer. I am certainly not seeing a return to the utter shambles that prevailed years ago under the AH + CV regime. Far from it.