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26 May 2020 | 07:05

EasyJet CFO Findlay quits after founder fails to unseat him

(Sharecast News) - EasyJet Chief Financial Officer Andrew Findlay has resigned just days after the airline's founder Stelios Haji-Ioannnou failed to remove him and three other leading board members. The FTSE 100 company said Findlay was expected to work his year's notice while the board looks for a replacement. He has been CFO for almost five years.

On Friday Haji-Ioannno forced a special meeting of easyJet shareholders but his resolutions to unseat Findlay, Chief Executive Johan Lundgren, Chairman John Barton and the company's senior independent director were voted down.

Findlay said by the time his notice period ends it will be the right time to hand over to someone else. His decision leaves easyJet looking for a new finance chief as it faces the aviation industry's biggest crisis caused by the Covid-19 pandemic.

Findlay said: "Although I have given notice to leave easyJet in a year's time, I remain fully committed to the business to support Johan and to ensure easyJet successfully weathers this unprecedented time for the airline industry. I would like to thank the shareholders who supported me and my fellow directors in the recent general meeting."

Haji-Ioannno attempted to remove the company's leaders over a dispute concerning easyJet's £4.5bn order for 107 planes from Airbus. He claimed easyJet shares would be worthless if the deal proceeded and threatened to keep investigating the relationship between easyJet and Airbus.

Lundgren said: "As the longest standing member of the airline management board, Andrew has and continues to provide solid financial steerage and guidance. This has been particularly so during recent months when he was quick to secure liquidity and deliver a significant reduction in cash burn."

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