Well Known easyJet May Undergo Name Change
Helen YoungNow that easyJet has seen the departure of Stelios Haji-Ioannou from its board, experts are saying that the low cost carrier may be changing its name. The airline has already drawn up contingency plans if it cannot find a resolution to the very bitter dispute with its founder Haji-Ioannou.
One board member said that people would expect the carrier to have looked at this, and it has. The company does not want to lose the “easy” name, but when facing a flood, people have to put up flood barriers.
The company has recently revived “Go,” which is the name used by the low cost airline set up by former British Airways executive Barbara Cassani. easyjet bought Go in 2002, but sold the brand last year for $1 million.
The easyJet founder resigned from the board last Friday. He accused the chief executive of the airline, Andy Harrison, of pursuing a reckless expansion program and buying too many planes. Mr Haji-Ioannou said that he has felt for a long time that the management is pursuing the wrong strategy for the expansion of the business. The share price has been flat for a decade, and there have been no dividends. How can a company buy 200 planes with shareholders’ money and create no wealth for shareholders.
Of course, the company has come back saying that Stelios agreed to all aircraft deals and the commercial strategy, along with the rest of the board. Harrison has defended himself by pointing out that easyJet was one of the few airlines to remain profitable during the recession.
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