EasyJet plc: Difference between revisions
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=== What's the mission of the company? === | === What's the mission of the company? === | ||
EasyJet's strategy is to make low-cost travel easy. The mission is to build on easyJet's "structural advantages" in the European aviation market. | EasyJet's strategy is to make low-cost travel easy. The mission is to build on easyJet's "structural advantages" in the European aviation market. | ||
== Team == | == Team == | ||
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|73 M £ | |73 M £ | ||
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== References == | |||
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__INDEX__ | |||
Revision as of 17:46, 19 July 2023
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| Founded | 1995 by Sir Stelios Haji-Ioannou |
|---|---|
| Operating bases | |
| Frequent-flyer program | Flight Club |
| Subsidiaries | EasyJet UK EasyJet Europe EasyJet Switzerland (40%) EasyJet Holidays |
| Fleet size | 326[1] |
| Parent company | EasyGroup (33.73%)[2] |
| Traded as | |
| Headquarters | Hangar 89, London Luton Airport, Luton, England, UK |
| Key people | |
| Revenue |  £5,769 million (2022)[2] |
| Operating income | £3 million (2022)[2] |
| Net income | £(169) million (2022)[2] |
| Employees | 13,000 (2023)[4] |
easyJet plc operates as an airline carrier primarily in Europe. It also leases aircrafts, as well as operates tours; and provides financing services. As of September 31, 2021, the company operated 927 routes with approximately 308 aircrafts in 34 countries; and 153 airports. It sells seats through its own website www.easyjet.com and its easyJet Worldwide' platform, its mobile application, global distribution systems, corporate online booking tools, content aggregators, and tour operator. easyJet plc was founded in 1995 and is headquartered in Luton, the United Kingdom.
Operations
How did the idea of the company come about?
EasyJet originated from its founder Stelios Haji-loannou who became interested in the idea of establishing an airline after initially being approached by Virgin Atlantic as a potential investor. Stelios particularly liked the business model of adapting prices to make air travel competitive with more traditional methods of transport such as buses. He believed this would welcome many more customers that usually didn't choose to fly.[5]
Stelios then went to on to set up EasyJet in 1995, employing 70 people. Stelios also established the easyJet headquarters known as easyLand built at Luton airport who offered Stelios a 15,000 square feet building to help the new company. Initially easyJet flew just two routes from Luton to Edinburgh and to Glasgow, supported by the advertising campaign "Making flying as affordable as a pair of jeans - £29 one way".[6]
The first international flight came in April 1996 when easyJet satrted the route to Amsterdam, competing with British Airways and KLM. These two competitors had different responses to the emergent company with BA sticking to their strategy whereas KLM allegedly responded with a "predatory pricing strategy" which led to the EU investigating.[5]
What's the mission of the company?
EasyJet's strategy is to make low-cost travel easy. The mission is to build on easyJet's "structural advantages" in the European aviation market.
Team
Leadership
Chief Executive Officer - Johan Lundgren
Johan Lundgren joined easyJet on 1 December 2017 as Chief Executive Officer. He has more than 30 years’ experience working in the travel industry, starting his career as a tour guide and occupying various roles in travel marketing and sales. Prior to joining easyJet in December 2017 as Chief Executive, Johan was the Group Deputy Chief Executive Officer and Chief Executive Officer of Mainstream Tourism at TUI AG. Prior to this Johan was the Managing Director for the Northern Region at TUI Travel plc from 2007 until 2011. From 2003 until 2007, he was the Managing Director and Chief Executive Officer of TUI Nordic. Johan led MyTravel’s businesses out of Canada and Sweden between 1999 and 2003, prior to which he was Managing Director of Always Tour Operations from 1996.
Senior Independent Director - Sue Clark
Sue was appointed to the Board on 1 March 2023. She brings significant strategic and commercial experience, having served as a member of the Executive Management team at SABMiller plc from 2003, Director of Corporate Affairs until 2012 and then Managing Director, Europe until the business was acquired in 2016. Prior to SABMiller she served as Director of Corporate Affairs for Railtrack plc and Scottish Power plc.
Sue currently serves as Senior Independent Director of Imperial Brands PLC and an independent Non-Executive Director of Mondi plc and Britvic plc.
Non-Executive Chair - Stephen Hester
Stephen joined the Board of easyJet as a Non-Executive Director and Chair Designate on 1 September 2021, and became Chair on 1 December 2021.
Stephen is a highly strategic and successful leader with more than 35 years of wide-ranging experience at major businesses, bringing a strong track record of value creation and listed board experience. Stephen has served as Chief Executive of RSA Insurance Group plc from February 2014 to May 2021, as Chief Executive of Royal Bank of Scotland Group, Chief Executive of British Land plc and Chief Operating Officer of Abbey National plc, as well as holding a number of senior executive roles at Credit Suisse First Boston in London and New York. He has also held senior non-executive positions as deputy chairman of Northern Rock and Senior Independent Director of Centrica plc. Stephen holds a BA (Hons.) in Politics, Philosophy and Economics from Oxford University.
Stephen currently serves as Lead Independent Director of Kyndryl Holdings, Inc and Chair of Nordea Bank Abp.
Independent Non-Executive Director - Ryanne van der Eijk
Ryanne was appointed the Board on 1 September 2022. Ryanne has extensive airline operations and customer service experience, having had a twenty year career with KLM, her last role being as Chief Experience Officer. She currently serves as Chief Operating Officer of Mentaal Beter, an organisation focused on mental healthcare in the Netherlands. Her previous senior executive appointments also include Chief Operating Officer for Dubai Airports and Chief Experience Officer for Ras Al Khaimah Economic Zone in the UAE.
Independent Non-Executive Director - Catherine Bradley CBE
Catherine was appointed to the Board on 1 January 2020. She has held a number of senior finance roles for 33 years in investment banking and risk management, in the US, then the UK and finally Asia, starting with Merrill Lynch for ten years. Latterly she joined Credit Suisse as Managing Director for 9 years, first in London since 2003 as Head of Client Coverage and then in Hong Kong from 2008 to 2012 as Head of Equity-Linked Solutions Group for Asia-Pacific. She finished that phase of her career as Head of Advisory Global Markets with Societe Generale Asia until 2014. From 2014 until July 2020, she was a Non-Executive Director of the UK Financial Conduct Authority and Chair of its Audit Committee, a Non-Executive Director of WS Atkins plc from 2015 until its delisting in 2017, and a Member of the Supervisory Board, Chair of the Finance and Audit Committee, and Appointments, Compensation and Governance Committee member for Peugeot S.A. from 2016 to 2021. Catherine graduated from HEC Paris with a major in Finance and International Economics, and was awarded a CBE in 2019.
Catherine is a Non-Executive Director of Johnson Electric Holdings Limited and Chair of their Nomination and Governance Committee, a Non-Executive Director of abrdn plc and Chair of their Audit Committee, and Senior Independent Director of Kingfisher plc.
Chief Financial Officer - Kenton Jarvis
Kenton Jarvis joined easyJet on 3 February 2021 as Chief Financial Officer. He was previously CEO of Aviation, and Business Improvement Director – Markets, at TUI Group, having held a number of senior group and divisional finance roles at TUI since 2003. Kenton holds a BSc (Hons) in Biochemistry from the University of Manchester. Before joining TUI, Kenton was the Finance Director of Airtours Holidays and held a number of commercial finance roles at Adidas, prior to which he qualified as a chartered accountant with PwC.
Independent Non-Executive Director - David Robbie
David was appointed to the Board on 17 November 2020. He has significant international corporate and board experience. He was Finance Director of Rexam PLC from 2005 until 2016. Prior to his role at Rexam, David served in senior finance roles at Invensys plc before becoming Group Finance Director at CMG plc in 2000 and then Chief Financial Officer at Royal P&O Nedlloyd N.V. in 2004. He served as interim Chairman, Senior Independent Director and Chair of the Audit Committee of FirstGroup plc from 2018 to 2021, and Non-Executive Director and Chair of the Audit Committee for the BBC between 2006 and 2010. David qualified as a chartered accountant at KPMG and holds an MA in English Literature from St. Andrew’s University.
David currently serves as Senior Independent Director and Chair of the Audit Committee at DS Smith plc.
Independent Non-Executive Director - Moni Mannings
Moni was appointed to the Board on 6 August 2020. She has held a number of non-executive positions, including as a Board member of the Solicitors Regulation Authority (chairing its Equality, Diversity and Inclusion Committee) and at Cranfield University. Until 2017, Moni was Chief Operating Officer of Aistemos Limited, a leading IP data analytics and strategy company. From 2000 until 2016, Moni was a Partner and Head of the International Banking and Finance Division of Olswang LLP, before which she held senior positions with Dewey & LeBoeuf LLP, Simmons & Simmons and Clifford Chance LLP. Moni also served as a non-executive director of Polypipe Group plc (2014 to 2019), Dairy Crest Group plc (2017 until their acquisition and delisting in 2019), Breedon Group plc (2019 to 2021) and Deputy Chair of the charity Barnardo’s (2017 to 2022).
Moni currently serves as an independent non-executive director of Hargreaves Lansdown plc and Investec Bank plc, non-executive director and Chair of the Remuneration Committee of Cazoo Group Ltd.
Independent Non-Executive Director - Harald Eisenächer
Harald has significant experience in the travel and aviation industry, having held senior executive positions with Lufthansa and Sabre Travel Network. He most recently served as Chief Commercial Officer for Infare, the leading provider of competitor air travel data based in Denmark. He has previously held senior positions with Deutsche Telekom, eBay and Hoechst and served as a non-executive director of Groz-Beckert SE (2007 to 2021) and Ifolor AG (2013 to 2019).
Harald currently serves as member of the Supervisory Board of Infare A/S and the Advisory Board of Solytic GmbH.
Company Secretary - Ben Matthews
Ben joined easyJet in July 2019 as Deputy Company Secretary and became Group Company Secretary on 1 January 2023. He is a Fellow of the Chartered Governance Institute and has twenty years’ experience working for leading UK listed brands. Before joining easyJet, Ben was Deputy Company Secretary at Sky plc during their £30bn takeover by Comcast. Prior to Sky, Ben worked for the luxury fashion house Burberry Group plc and broadcaster ITV plc, having started his governance career with a Canadian oil and gas company.
Independent Non-Executive Director - Detlef Trefzger
Detlef joined the Board on 1 September 2022. Detlef brings significant transportation and logistics experience, having served as Chief Executive Officer of Kuehne + Nagel, the global transport and logistics company based in Switzerland, from March 2013 to July 2022. Prior to this he held senior positions with DB Schenker and Roland Berger.
Detlef currently serves as Founder and Chair of Larix Equity AG and Non-Executive Director of Accelleron Industries AG and SATS Ltd.
Majority Stakeholders in EasyJet[6]
| Name | Country | Equities | % | Valuation |
|---|---|---|---|---|
| Polys Haji-Ioannou | Cyprus | 43,758,360 | 5.773% | 268 M £ |
| Clelia Haji-ioannou | Cyprus | 43,758,360 | 5.773% | 268 M £ |
| Stelios Haji-Ioannou | Cyprus | 28,221,101 | 3.723% | 173 M £ |
| Société Générale SA (Italy) | Italy | 26,870,720 | 3.545% | 165 M £ |
| Artemis Investment Management LLP | UK | 24,074,504 | 3.176% | 148 M £ |
| Jupiter Asset Management Ltd. | UK | 20,600,000 | 2.718% | 126 M £ |
| Merrill Lynch International (Investment Management) | UK | 17,425,807 | 2.299% | 107 M £ |
| BlackRock Investment Management (UK) Ltd. | UK | 13,979,803 | 1.844% | 86 M £ |
| The Vanguard Group, Inc. | USA | 13,186,145 | 1.740% | 81 M £ |
| Citibank (Switzerland) AG | Switzerland | 11,952,000 | 1.577% | 73 M £ |