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Row breaks out at EasyJet

In a sign of the times it has been announced that founder Sir Stelios Haji-loannou has stepped in to demand a further two seats on the Easyjet board. Sir Stelios still owns 26.9% of the budget airline and is the largest single shareholder having taken a backseat sometime ago. However he has watched the company decline over the last few months and appears to be chomping at the bit to get back involved again.

The crux of the matter seems to be the continued expansion programme of the group which has caused Sir Stelios a certain degree of alarm as he would rather see the expansion program halted and the group started to pay dividends to shareholders. While it could be argued that Sir Stelios is moving towards a dividend payment program because of his 26.9% holding, he does seem to have a point as the sector is reducing in size and expansion may not be the best thing to do at this moment time.

This is a perfect example of the problems facing the budget airline industry as companies need to re-evaluate their business models as soon as possible to ensure that they are still around come the end of the recession.

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