Easy / Stelios trying to cancel Airbus order
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Join Date: Mar 2004
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Easy / Stelios trying to cancel Airbus order
from sky.com:
Sir Stelios Haji-Ioannou will pay the sum for information that leads to a £4.5bn plane order being cancelled, Sky News learns.
Sir Stelios Haji-Ioannou will pay the sum for information that leads to a £4.5bn plane order being cancelled, Sky News learns.
The founder of easyJet is offering to dip into his pocket by offering a £5m "reward" for information that triggers the cancellation of a controversial £4.5bn Airbus order.
Join Date: Aug 2007
Location: Ireland
Posts: 155
There are bound to have been some corporate schmoozing taken place. Some over the top wining and dining ++ Something that in hindsight might look quite damming, The right incentives will bring it to light.
A different question is whether Easyjet is served well by getting on the wrong side of a 30% shareholder in difficult times. Is the continued concentration on growth for the benefit of the shareholders that take all the risk, or for increasing managements incentive packages. There are enough samples of corporate greed where top management walks away with millions even though the results tanks and staff ends up getting laid off.
A different question is whether Easyjet is served well by getting on the wrong side of a 30% shareholder in difficult times. Is the continued concentration on growth for the benefit of the shareholders that take all the risk, or for increasing managements incentive packages. There are enough samples of corporate greed where top management walks away with millions even though the results tanks and staff ends up getting laid off.
Join Date: Dec 2005
Location: EU
Posts: 599
[QUOTE=vikingivesterled;10781312]There are bound to have been some corporate schmoozing taken place. Some over the top wining and dining ++ Something that in hindsight might look quite damming, The right incentives will bring it to light.
yet an independent company hired by easyJet to investigate this found no wrong doing in airplane purchases with Airbus.
yet an independent company hired by easyJet to investigate this found no wrong doing in airplane purchases with Airbus.
Join Date: Aug 2007
Location: Ireland
Posts: 155
Originally Posted by The Flying Cokeman
yet an independent company hired by easyJet to investigate this found no wrong doing in airplane purchases with Airbus.
I am not saying anything will be hung on the current management of Easyjet, but smaybe something will stick on Airbus that could be used for negating the contract without penalties. Even more likely since they have already settled something similar. Easyjet management's problem will be going forward with a toxic relationship with its biggest shareholder. It's not like Ryanair, or Norwegian up until their last vote, where all shareholders are very small and unconnected leaving it completely up to management to run the show.
Join Date: Mar 2002
Location: Florida
Posts: 5,279
[QUOTE=The Flying Cokeman;10781493]
That's about how I feel when buying a used car. I know I have been screwed but haven't yet figured out how
Originally Posted by vikingivesterled
There are bound to have been some corporate schmoozing taken place. Some over the top wining and dining ++ Something that in hindsight might look quite damming, The right incentives will bring it to light.
yet an independent company hired by easyJet to investigate this found no wrong doing in airplane purchases with Airbus.
yet an independent company hired by easyJet to investigate this found no wrong doing in airplane purchases with Airbus.
Join Date: Apr 2020
Location: Scotland
Posts: 5
Originally Posted by Less Hair
Why all this drama? If you run out of money there will be more quiet ways to renegotiate a contract. Is he publicly fighting his own management?
Join Date: Mar 2001
Location: I wouldn't know.
Posts: 4,070
Stelios was not too successful with other business ventures, which is one reason why he always insisted on a rather large dividend and a very favorable deal for the “Easy” brand. Getting any kind of government help anywhere would most probably mean no further dividend payments. Refinancing on the open market would mean putting more shares out and/or convertible bonds, which waters down his stake in the company and he would risk losing his blocking minority stake in the company.
He does not care at all about the longterm growth of easyJet, but rather about losing control and dividend payments in the short to medium term. Rather a small low marketshare airline where he is still somewhat important than a growing major one.
He does not care at all about the longterm growth of easyJet, but rather about losing control and dividend payments in the short to medium term. Rather a small low marketshare airline where he is still somewhat important than a growing major one.
Join Date: Jan 2010
Location: UK
Posts: 142
Originally Posted by Rt Hon Jim Hacker MP
If he doesn’t like the way it’s being run the answer is simple. Cough up enough to buy another 20% of shares (plus one spare) and he is the main man again.
Join Date: Apr 2006
Location: scotland
Posts: 155
Originally Posted by Rt Hon Jim Hacker MP
If he doesn’t like the way it’s being run the answer is simple. Cough up enough to buy another 20% of shares (plus one spare) and he is the main man again.
Join Date: May 2019
Location: UK
Posts: 12
Originally Posted by vikingivesterled
There are bound to have been some corporate schmoozing taken place. Some over the top wining and dining ++ Something that in hindsight might look quite damming, The right incentives will bring it to light.
A different question is whether Easyjet is served well by getting on the wrong side of a 30% shareholder in difficult times. Is the continued concentration on growth for the benefit of the shareholders that take all the risk, or for increasing managements incentive packages. There are enough samples of corporate greed where top management walks away with millions even though the results tanks and staff ends up getting laid off.
A different question is whether Easyjet is served well by getting on the wrong side of a 30% shareholder in difficult times. Is the continued concentration on growth for the benefit of the shareholders that take all the risk, or for increasing managements incentive packages. There are enough samples of corporate greed where top management walks away with millions even though the results tanks and staff ends up getting laid off.
vis VS and the situation where the recent investors secured the loans they offered and stand to get back a significant proportion of their investments while unsecured creditors get ~zilch
Join Date: Jan 2008
Location: It used to be an island...
Posts: 225
Originally Posted by Denti
Stelios was not too successful with other business ventures, which is one reason why he always insisted on a rather large dividend and a very favorable deal for the “Easy” brand. Getting any kind of government help anywhere would most probably mean no further dividend payments. Refinancing on the open market would mean putting more shares out and/or convertible bonds, which waters down his stake in the company and he would risk losing his blocking minority stake in the company.
He does not care at all about the longterm growth of easyJet, but rather about losing control and dividend payments in the short to medium term. Rather a small low marketshare airline where he is still somewhat important than a growing major one.
He does not care at all about the longterm growth of easyJet, but rather about losing control and dividend payments in the short to medium term. Rather a small low marketshare airline where he is still somewhat important than a growing major one.
The other shareholders should consider him a risk to their investment - he acts like he doesn't care about long term growth or returns, or even survival, only short term cash.
Join Date: Oct 2002
Location: London UK
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Originally Posted by vikingivesterled
yet an independent company hired by easyJet to investigate this found no wrong doing in airplane purchases with Airbus.
Join Date: Jan 2008
Location: It used to be an island...
Posts: 225
Originally Posted by WHBM
I never knew an "independent report" to management that did not deliver them the result they originally wanted. If you don't do that, you never get any repeat business.
- Wrong
- and obnoxious with it.
Join Date: Sep 1999
Location: UK
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A resounding no from the other shareholders https://www.theguardian.com/business...airman-and-ceo
Join Date: Aug 2016
Location: Europe
Posts: 97
Any step back now would make easyJet lose market share in a big way. Wizz air are already preparing for a LGW base soon and they certainly do have the orders, capacity and resource to make it happen. The same goes for the Ryanair group, especially if the 737MAX actually gets going this autumn. Norwegian will very soon have nowhere to return after its proposed one-year restructuring, and easyJet might as well follow suit if they decide to axe all deliveries now.
Join Date: Jan 2020
Location: 900m
Posts: 108
Is Stelios really so bad - or is he simply in the same pillory category as other airline managers and ex-managers these days?
When I flew for easy - quite a while back before the A320 came - he was pleasant and keen and apparently well liked. I had him in the cockpit a couple of times, after he had requested a ride.
”Well it’s your cockpit sir” - “Stelios, not sir...”
When I flew for easy - quite a while back before the A320 came - he was pleasant and keen and apparently well liked. I had him in the cockpit a couple of times, after he had requested a ride.
”Well it’s your cockpit sir” - “Stelios, not sir...”
Join Date: Sep 2019
Location: Transient
Posts: 49
I have some sympathy for Stelios. His view is easyjet will be massive when it goes bust. He considers 250 aircraft the "sweet spot" in terms of shareholder reward. I still think there might be a round of redundancy inbound. Based on time flying easyjet registered aircraft (amalgamated Company time to count).
