easyJet hits back at Stelios

18th May 2010 16:28

easyJet chairman Sir Michael Rake has hit back at founder Sir Stelios Haji-Ioannou and hinted that shareholders could receive a dividend or capital distribution some time in the future. Sir Stelios resigned from the board of the low cost airline on Friday and criticised the strategy of the company. Sir Michael believes that there are no grounds for any dispute. He points out that easyJet has outperformed its peers since its flotation in November 2000. Sir Michael believes that easyJet is in a position where a cash return to shareholders is an option. He says that the board "could well be in a position to consider the matter of some sort of return within a reasonable time frame".Carolyn McCall and Chris Kennedy join the company on 1 July as chief executive and finance director respectively. No decisions on further orders for aircraft, one of Sir Stelios' main concerns, will be taken until they join. He was particularly worried about aircraft already ordered, though. easyJet remains in litigation with Sir Stelios' easyGroup over their brand licence agreement. A court hearing is scheduled for June.