Stelios lascia EasyJet. (per sempre)


dreamliner

dreamliner

Il Gascoigne dei Tripreportisti
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May 14, 2010
EasyJet founder Stelios Haji-Ioannou has stepped down from the board of the budget airline in order to lead a shareholder revolt against plans to increase the size of its fleet.

"For some time I have firmly believed that the easyJet management was pursuing the wrong strategy for the expansion of the business," Haji-Ioannou, widely known as Stelios, said in a statement on Friday.

He pointed to the company's share price progress over the last 10 years and lack of dividends to back his criticism of the company's strategy.

"How can you buy 200 aircraft with shareholders' money and create no wealth for shareholders?," he said.

A long-running battle between Stelios and easyJet's board had already caused the departure of a number of the airline's executives, including Andy Harrison, who resigned as chief executive in December.

Stelios had wanted the airline to be more conservative in its expansion plans at a time of low demand for air travel.

The airline reached a compromise with Stelios in 2009, when it agreed to scale back growth plans to 7.5 percent of additional capacity a year for the next three to five years.

Easyjet said on Friday the board had agreed unanimously on the strategy, which aimed to boost its share of the European short haul market to about 10 percent from today's 7 percent.

Board member Bob Rothenberg had also stepped down, the airline said. Both men represent easyGroup, a 26.2 percent shareholder in easyJet.

Shares in easyJet, which was established in 1995, closed down 3 percent at 428.5 pence. The airline listed in November 2000 at a price of 310 pence a share.

(Reuters)
 
Un personaggio importante direi, che ha configurato l'attuale assetto di Easyjet.
Sempre che l'argomento non possa urtare gli animi sensibili e che sia opportuno parlarne.
 
lascia il consiglio di amministrazione, non lascia easyjet, visto che oltre a detenere le sue azioni (il 26% assieme all´altro membro del consiglio che si e´dimesso con lui), l´articolo dice che vuole guidare la "rivolta" degli azionisti

in pratica e´come se due che stanno al governo, ad un certo punto si dimettono da ministri, e si mettono a capo dell´opposizione o di una rivolta.

o ho capito male io?


bourne ha detto:
Sempre che l'argomento non possa urtare gli animi sensibili e che sia opportuno parlarne.
Clicca per espandere...

cioe´? queli sono gli animi sensibili che potrebbero essere urtati dall´argomento
 
Ringraziamo Stelios per quanto ha fatto per Easyjet finora ma negli ultimi tempi il conflitto tra le sue idee e quelle della compagnia era troppo forte e ha finito per congelare ogni sviluppo in Easyjet. Credo che con la sua uscita dal board potremo assistere a una nuova fase di espansione della compagnia con l'apertura di diverse nuove basi.
 
avroRJ ha detto:
anche se vendesse le partecipazioni non si potrebbe mai portare via il marchio... Ha registrato tutta una serie di attività con il nome easy...ma tali marchi sono autonomi... A.
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Per l'utilizzo del marchio Easy è attualmente in corso una battaglia legale, aspettiamo gli esiti.
 
Quanto mi piacciono le public companies anglosassoni...
BTW io mi trovo abbastanza d'accordo con Stelios, se non puoi garantire ai tuoi azioninsti un ritorno adeguato ai LORO investimenti, e' meglio fare un passo indietro e restituirgli il capitale in eccesso.
 
Alla fine i fatti stanno dando ragione a Stelios che ben aveva visto prima degli altri la crisi e l'inevitabile stop alla crescita....

Del resto Stelios ha soldi suoi investiti in U2, mentre la quasi titalità del management è solo dipendente con minimi stock di azioni.
 
Cesare.Caldi ha detto:
Ringraziamo Stelios per quanto ha fatto per Easyjet finora ma negli ultimi tempi il conflitto tra le sue idee e quelle della compagnia era troppo forte e ha finito per congelare ogni sviluppo in Easyjet. Credo che con la sua uscita dal board potremo assistere a una nuova fase di espansione della compagnia con l'apertura di diverse nuove basi.
Clicca per espandere...

Prima di sentenziare a random su argomenti che non padroneggi minimamente...leggi questo articolo, per cortesia :

Haji-Ioannou bids to overturn EasyJet expansion strategy
By David Kaminski-Morrow

EasyJet founder Stelios Haji-Ioannou is threatening formal steps to block the low-cost carrier's planned fleet expansion, having resigned from his position on the airline's board.

Haji-Ioannou has been strongly opposed to the carrier's rapid expansion and a management strategy row, which had been smouldering since late 2008, flared up a year ago.

The dispute, centred on the rate at which EasyJet planned to introduce aircraft from its outstanding Airbus order, appeared to cool around June after the airline agreed to keep its growth rate at about 7.5% per year.

But Haji-Ioannou has today re-ignited the row by resigning his place on the board - where he represented shareholder EasyGroup - and positioning himself to block the fleet expansion.

EasyGroup states that Haji-Ioannou is to "focus on a campaign as a shareholder activist against the increase of the size of the aircraft fleet" beyond its current size.

He is considering requisitioning a shareholders' meeting to put the expansion plan to a formal vote, and will recommend that shareholders reject the management's strategy.

Haji-Ioannou's move coincides with a senior management transition, following EasyJet's selection of a new chief executive, Carolyn McCall, to succeed Andrew Harrison.

EasyJet was operating 189 Airbus A320-family and Boeing 737 aircraft at the end of March, and its fleet plan will take this total to 208 by September 2012.

Haji-Ioannou believes the airline is embarking on "relentless" growth at the expense of profit margins.

"For some time I have firmly believed that the EasyJet management was pursuing the wrong strategy for the expansion of the business," he says.

"A mere look at the share price graph over the last 10 years, practically a 'flatline', and zero dividends are proof of that. How can you buy 200 aircraft with shareholders' money and create no wealth for shareholders?

"The management has been determined to continue to buy new aircraft from Airbus despite the fact that this huge expenditure is demonstrably failing to produce higher profits and therefore has created zero value for shareholders."

EasyJet is committed to take 57 more Airbus aircraft over the next four years: another 12 this year, 25 in 2011, 18 in 2012 and two in 2013. It also lists a commitment to two more Airbus jets linked to GB Airways, which EasyJet acquired in early 2008.

Haji-Ioannou says the airline needs to keep its fleet at around 190 for the next three or four years. He intends to pressure the board to renegotiate EasyJet's fleet deal with Airbus and find ways of selling excess aircraft.

"I have been arguing for some time that a much higher priority should be given to restoring profit margins from the current 1-3% to the more than 10% level of 10 years ago and delivering value to all shareholders," says Haji-Ioannou.

"But the board has refused to take into account my recommendations, using the pretext that the rest of the shareholders want something different, and instead remains resolved to go on squandering shareholders' funds on more expensive aircraft that will probably destroy shareholder value."

Haji-Ioannou believes the airline is not balancing the capital cost of new aircraft against the profitability of the route network.

"The inescapable fact is that this airline used to make a bigger absolute profit using far fewer aircraft," he says. Haji-Ioannou says last year's agreement on more modest growth, which defused his conflict with the board, is "already too optimistic", adding: "The low-cost airline model is maturing, and management needs to now adopt different priorities to take the business forward."

EasyJet defends its strategy, pointing out that all decisions have been made by the full board with agreement, where necessary, from shareholders.

It says the agreement to keep growth at 7.5% will enable EasyJet to increase its share of the European short-haul market from the current 7% to around 10%.

"The board of EasyJet is also committed to ensuring that the company achieves a proper financial return on its capital and therefore has set a target of 15% return on equity," it adds.

EasyJet chairman Sir Mike Rake says he is "surprised" at Haji-Ioannou's resignation and "regrets" his decision. He adds that the board believes EasyJet has been "one of the best-performing airlines" in the poor economic climate. "Importantly, EasyJet is well-financed and has maintained a strong balance sheet," he says.

(flightglobal.com)
 
dreamliner ha detto:
May 14, 2010
EasyJet founder Stelios Haji-Ioannou has stepped down from the board of the budget airline in order to lead a shareholder revolt against plans to increase the size of its fleet.

"For some time I have firmly believed that the easyJet management was pursuing the wrong strategy for the expansion of the business," Haji-Ioannou, widely known as Stelios, said in a statement on Friday.

He pointed to the company's share price progress over the last 10 years and lack of dividends to back his criticism of the company's strategy.

"How can you buy 200 aircraft with shareholders' money and create no wealth for shareholders?," he said.

A long-running battle between Stelios and easyJet's board had already caused the departure of a number of the airline's executives, including Andy Harrison, who resigned as chief executive in December.

Stelios had wanted the airline to be more conservative in its expansion plans at a time of low demand for air travel.

The airline reached a compromise with Stelios in 2009, when it agreed to scale back growth plans to 7.5 percent of additional capacity a year for the next three to five years.

Easyjet said on Friday the board had agreed unanimously on the strategy, which aimed to boost its share of the European short haul market to about 10 percent from today's 7 percent.

Board member Bob Rothenberg had also stepped down, the airline said. Both men represent easyGroup, a 26.2 percent shareholder in easyJet.

Shares in easyJet, which was established in 1995, closed down 3 percent at 428.5 pence. The airline listed in November 2000 at a price of 310 pence a share.

(Reuters)
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stesso film di Tony Ryan...
 
Stelios vorrebbe bloccare l'espansione di flotta e nuove rotte e nel frattempo aumentare i ricavi e gli utili per gli azionisti, per ottenere questi obbiettivi bisogna o tagliare i costi ma in una low cost come Easyjet non vedo cosa rimanga da tagliare o molto piu' probabilmente aumentare i prezzi dei biglietti cosa che spingerebbe la compagnia fuori mercato su molte rotte dove le major concorrenti stanno applicando prezzi da low cost.
 
Cesare.Caldi ha detto:
Stelios vorrebbe bloccare l'espansione di flotta e nuove rotte e nel frattempo aumentare i ricavi e gli utili per gli azionisti, per ottenere questi obbiettivi bisogna o tagliare i costi ma in una low cost come Easyjet non vedo cosa rimanga da tagliare o molto piu' probabilmente aumentare i prezzi dei biglietti cosa che spingerebbe la compagnia fuori mercato su molte rotte dove le major concorrenti stanno applicando prezzi da low cost.
Clicca per espandere...
"I have been arguing for some time that a much higher priority should be given to restoring profit margins from the current 1-3% to the more than 10% level of 10 years ago and delivering value to all shareholders," says Haji-Ioannou."
Dove hai letto che Stelios vuole aumentare i ricavi?
Ha detto due cose:
1) Riportare il profit margin al 10% come 10 anni fa (e questo si fa evitando di aprire rotte poco profittevoli e migliorando l' Yield management)
2) Evitare capital expendiures che distruggano valore per gli azionisti. Cio' vuol dire che e' meglio guadagnare 10 investendo 100 che guadagnare 11 investendo 150.
Proprio perche' le major praticano prezzi bassi, non ha senso comprare nuovi aerei per andare a sovraffollare ancora di piu' alcune rotte e abbassare ulteriormente le tariffe e gli yield.
 
claudietto ha detto:
2) Evitare capital expendiures che distruggano valore per gli azionisti. Cio' vuol dire che e' meglio guadagnare 10 investendo 100 che guadagnare 11 investendo 150.
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se però il tuo management ha degli MBO basati quasi esclusivamente su parametri basati solo sugli utili.... ci siamo capiti su quale scenario sarà quello preferito...
 
airblue ha detto:
se però il tuo management ha degli MBO basati quasi esclusivamente su parametri basati solo sugli utili.... ci siamo capiti su quale scenario sarà quello preferito...
Clicca per espandere...
E da qui credo nasca la guerra.
E' altrettanto vero che non capisco come mai i due azionisti in rivolta con quasi il 30% del capitale non riescano a far eleggere un board allineato con le loro idee...
 
claudietto ha detto:
E da qui credo nasca la guerra.
E' altrettanto vero che non capisco come mai i due azionisti in rivolta con quasi il 30% del capitale non riescano a far eleggere un board allineato con le loro idee...
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beh, ilboard forse non importante, che non riescono a far assumere un management che sposa le loro idee, un board in generale e pieno di gente che se ne strofotte di come va la compagnie (parlo dei indipendenti)
 
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