Stelios loses his grip on easyJet after 26 years

Sir Stelios has repeatedly clashed with easyJet’s administration over strategies to grow the airline. 

Soon after easyJet tapped shareholders at the commence of the pandemic, he warned he would not back again the board if they returned to the industry to inquire buyers for additional hard cash. 

Sir Stelios declined to comment on the dilution of his stake in easyJet.

Some 93pc of shareholders backed the £1.2bn legal rights issue, set in place to shell out down financial debt and capitalise on the challenges dealing with “legacy” carriers such as British Airways. 

EasyJet’s position has been strengthened in the last week immediately after BA’s plan to launch a new short-haul airline at Gatwick have been scuppered by its pilots voting down the proposals. 

BA will continue on to operate extensive-haul companies from the airport, but it is unclear if it will offer the Gatwick landing slots or transfer them to one more IAG airline such as Aer Lingus or Vueling.

Shares ended 2.7pc decreased at 690p, valuing the corporation at £5.2bn. The inventory was at 412p at this time last yr.