EasyJet share price subdued as CEO resigns to run ITV

Paterniano Del Favero
Luglio 17, 2017

The announcement, which Sky News reported at the weekend was imminent, was made just over two months after the commercial broadcaster announced Adam Crozier was to step down as chief executive.

She will be the company's first female executive and will begin her role in January next year, receiving an annual salary of £900,000 and a pension allowance of 15 per cent of salary.

"This was a really hard decision for me to make", McCall said.

"The opportunity from ITV felt like the right one to take".

In July 2017, McCall was confirmed as the new chief executive for ITV, another FTSE 100 listed company.

"For ITV, we think the move suggests the company is comfortable with its strategic direction but her strong personal links should be helpful in several areas".

EasyJet said McCall and her team had transformed the low-priced carrier, improving its operations and growing passenger numbers, resulting in a trebling of the share price and the payment of 1.2 billion pounds in dividends. She will further be able to participate in the group's existing annual bonus plan up to a maximum of 180 percent of salary, and the long-term incentive plan up to 265 percent of salary.

McCall has led easyJet for seven years. Billionaire John Malone's Liberty Global Plc owns about 9.9 percent and has been tipped as one of several potential bidders, speculation that has intensified following Britain's vote past year to leave the European Union.

'I'm really pleased to be joining ITV.

Luton based Easyjet's chief executive has been named as the new head of ITV.

At EasyJet, McCall has shifted away from a bargain-basement model and focused on attracting family groups, more affluent couples and price-conscious business travelers.

McCall has also been a non-executive director of Burberry since 2014.

She has also been a non-executive director of United Kingdom fashion house Burberry since 2014 and sits on the Board of the Department of Business, Energy and Industrial Strategy and is a Trustee at the Royal Academy.

In a note titled "robbing Peter to pay Paul", Berenberg analysts said: "Unlike Pearson's prior disposals of the FT and The Economist, there was no upside value surprise, reflecting the fact that there was only one bidder, and one with a constrained balance sheet".

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