3 easy execs to step down

[brabazon]

Three easyJet execs to step down
London (19Feb03, 11:38 GMT, 233 words)


Three executive directors of UK low-cost carrier easyJet are to leave over the next six months to pursue a variety of other interests.

A company announcement indicates that the changes are related to the acquisition of Go, but stresses that two of the individuals will be staying until the Go transition is complete.

Human resources (HR) director Graham Abbey, who is about to publish a management book, will leave shortly to set up his own consultancy. He will be replaced on an interim basis by HR consultant Stephen Connock while a permanent successor is found.

Rather later, business development director Mike Cooper and operations director Vilhelm Hahn-Petersen will be stepping down, Hahn-Petersen to return to Denmark where his family currently live.

EasyJet CEO Ray Webster says in a statement: “With the Go/easyJet integration almost complete and a 'new' easyJet taking

shape, it is only natural that all parties take stock of what the long-term future holds. From the company perspective, easyJet needs people that are passionate about the business, are challenged by their roles and are therefore highly energised.

“At the same time, some individuals will consider their personal circumstances and see the completion of the Go integration as the catalyst to consider their own career paths.

“I am certain that they will each do superbly well in their chosen paths, and they leave with the very best wishes of everyone at easyJet.”


Source: Air Transport Intelligence news

[juicer]

I wonder if they jumped with their share of the £10m or if they were pushed.

Is this a sign of things to come?

[In trim]

All appears to be very amicable, and no-one has been "pushed out" onto garden leave or anything like that. 2 of the 3 will be here for months to come to ensure a smooth handover. Nothing to get excited about!

[ezysleazy]

Yeah right, no need to get excited.

easyJet is crumbling down from the top. Here we have the commercial director responsible for generating revenue, the operations director responsible for flying the schedule and the HR director responsible for supplying the people to make the schedule possible bail out at this stage. The City is already dissapointed with the management handling of the Go integration not even to think about the DBA integration. They must really love this one! Stock to go below £2.00 before the day is over??

The directors will only stay on for three to six months. These are fulltime hands-on directors not just some parttimers getting together once a month for boardmeetings.

Looks like the board is bailing out.

They are eager enough to leave now and not wait until their next maturity date of their stockoptions in November.

I sincerely doubt the ability of easyJet to manage their current growth. And I am not alone look at some of the comments coming from the City.

[pilotofjet]

I take heed of the fact that they are not leaving NOW...but do wonder what are the real motives behind their departure. The big question for me is what have they pegged their share exercise price at or are they being given a golden handshake. If they are it will have to be recorded in the annual statement to the city and shareholders..and if it is seen as blatant fat cat payoff, can we extend the same courtesy to the CEO?
Has there been board pressure to remove these directors and has RW been told to ship up....or ship out too?

[no sig]

ezysleazy

As In Trim said, nothing to get too excited about. Of course the eventual loss of these fellows is to be regreted, but nobody is indispensible. Their respective departments have a good management group who are more than capable of holding the fort while new appointments are made. No need to panic sleazy.

[FlapsOne]

They must really love this one! Stock to go below £2.00 before the day is over??

What a sharp financial analyst!

Totally wrong!!!!!!!!!!!!!!!

[Orange In Cider]

Looks like a couple of the resignations came in a while ago, and plans are already well advanced to seek replacements. The decision was made to announce all at the same time rather than a series of announcements. Quite sensible.

Bear in mind that a couple of areas were already 'overstaffed' with roles having been split during the Go integration, so as has been said in the above posts, not anything to worry about.

With the recent splitting of RW's role and the appointment of EW (formerly Go) as Chief Operating Officer, it all fits quite nicely time-wise at this late stage of the Go integration.

The future's bright,.....................

-----------------------------------------------------

GOing, GOing, GOne. :(

[sky9]

These things are never as they appear on the surface. If your operations is in chaos the OD takes the can doesn’t he? If not enough pilots have been recruited and those who are employed are spitting feathers someone in HR fouled it up hasn’t he? Yes the announcement is very circumspect and the payoff is good however you shouldn’t put a gloss on what has happened - it’s the result of the last couple of months problems reflected here on PPRuNe.

[no sig]

Sky9

You could be forgiven for thinking so, but actually, you're wrong. These changes are the fallout of a merger and re-organisation and the dilution of position which is not uncommon following a merger, they are resignations not pay-off.

And by the way the operation is not in chaos.