The chairman of British low-cost airline easyJet, Stelios Haji-Ioannou, said he would resign next year to ensure the highest standard of corporate governance.
Haji-Ioannou said his departure was part of a boardroom reshuffle requested by institutional investors that would result in the majority of easyJet's directors being independent.
He said he would remain a significant shareholder for a very long time but would need to sell part of his stake. 'I have no other source of income from easyJet other than disposal of shares. As I have said before, I need to sell my past to finance my future,' he said.
His other activities include easyRentacar, easyInternetCafe and plans for easyCinema low-cost movie theatres.
Easyjet said its commercial director, operations director and airports directorwill also resign as directors to become directors of easyJet Airline Company Ltd, the company which holds the air operators certificate.
Colin Chandler has been appointed deputy chairman and will succeed Haji-Ioannou next year.
