The Board of easyJet announces that Sir Mike Rake has informed the Board of his intention to step down as a non-executive director and as Chairman of easyJet plc in Summer 2013.
Sir Mike will still seek re-election at the Annual General Meeting on 21 February and has agreed to remain in his post in order to ensure a smooth hand over and provide the Board time to identify a suitable
The Board's Nomination Committee has commenced a process to select and appoint a successor, reviewing both internal and external candidates.
Charles Gurassa, Deputy Chairman and Senior Independent Director, said:
"On behalf of the Board I would like to thank Sir Mike for the huge contribution he has made to easyJet over the past three years.
"During this time he has overseen a more than doubling in the value of the company through the successful delivery of easyJet's strategy of sustainable growth and returns, refreshed the Board, appointed
a new Chief Executive and Finance Director, introduced dividend payments and led the negotiation of a new brand licence agreement.
"All our stakeholders, passengers, shareholders and employees have benefited from the excellent performance of easyJet under his Chairmanship through this period. We wish him every success in the
Sir Mike Rake, Chairman of easyJet, said:
"In advance of the forthcoming AGM I wanted to make my position clear. easyJet has by any definition enjoyed a period of success and profitable growth in the last three years. As this takes the airline to
the threshold of entry to the FTSE 100 it is the right time for me to stand down.
"It has been a tremendous experience to chair easyJet over the last three years. easyJet is a dynamic and successful company in a vitally important sector for the European economy.
"Carolyn McCall and her management team have developed and implemented the right strategy for the airline which is already bearing fruit with record profits, a healthy share price and strong
"The airline is now well positioned to continue to deliver profitable growth and returns for all its shareholders."
Notes to Editors
Sir Mike Rake was appointed to the Board of easyJet as Deputy Chairman on 1 June 2009 and became Chairman on 1 January 2010. He is Chairman of BT Group plc and Deputy Chairman of Barclays plc, as
well as a Non-Executive Director of McGraw Hill Inc. He is also Chairman of the private equity oversight group; the Guidelines Monitoring Committee.