Skip to content
Search

Latest Stories

Easyjet CEO to step down in 2025

The no-frills airline said it would promote chief financial officer Kenton Jarvis to the top post. Outgoing chief Johan Lundgren will work closely with him.

Easyjet CEO to step down in 2025

Easyjet said Thursday that chief executive Johan Lundgren would step down at the start of 2025 after seven years piloting the no-frills airline, notably through Covid turbulence.

Easyjet, which flies mainly across Europe, added in a statement that it would promote chief financial officer Kenton Jarvis to the top post.


Swedish national Lundgren, 57, "has done an excellent job as our CEO since December 2017, steering the company through the immense challenges of the Covid period, and setting up a clear strategy and strong execution plan", said Easyjet chairman Stephen Hester.

The announcement came alongside news that Easyjet had reduced net losses in its first half, or six months to the end of March.

Airlines tend to log losses early on because of the northern hemisphere winter, typically a quieter travel period compared with the peak-demand summer season.

Lundgren said the carrier was "focused on another record summer which is expected to deliver strong full-year earnings growth".

The outgoing CEO added that he would "work closely" with Jarvis "to achieve this year's goals and hand over responsibilities smoothly".

A British national, Jarvis expressed delight at his appointment and opportunity "to fulfil Easyjet's bright potential".

The aviation sector is enjoying a strong recovery following the world's emergence from Covid lockdowns that had grounded planes, causing huge financial losses and mass reductions in jobs at airlines.

Shares dive

Following news of the boardroom shakeup, shares in Easyjet slumped 7.2 per cent to 491.40 pence, as investors weighed up the airline's future under new leadership.

"This is a natural time for Lundgren to step away, with a strong tenure under his belt and the post-Covid heavy lifting complete," said Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown.

"His latest results have shown reasonable momentum... That's partly because of cost savings, but also testament to the group's strong demand and pricing dynamics."

Easyjet had already in April flagged a cut in first-half losses as strong holiday demand offset higher fuel prices and disruption from the Gaza war that cost the group £40 million.

The airline paused flights to and from Israel after the Gaza war started in October.

It resumed flights to and from Tel Aviv at the end of March but following an attack by Iran on Israel last month, Easyjet again paused services until late October.

Jarvis, 56, has been Easyjet's CFO since February 2021, also helping to steer the group through the pandemic.

He was previously CEO of the airline division at travel group TUI. (AFP)

More For You

Asda-Getty

Asda, which is dealing with declining sales after a private equity-led takeover, denied any discrimination.. (Photo credit: Getty Images)

Asda staff move closer to £1.2 billion equal pay payout

THOUSANDS of Asda workers have won the latest stage in a long-running equal pay case, bringing them closer to a potential £1.2 blillion payout.

The Manchester employment tribunal ruled that 12 out of 14 lead claimants, part of a case involving 60,000 employees, had jobs of equal value to their higher-paid, mostly male counterparts working in Asda warehouses, The Guardian reported.

Keep ReadingShow less
Diageo-jw-reuters

The global beverage company is known for brands like Johnnie Walker. (Photo: Reuters)

Diageo faces challenges in life after Ivan Menezes

DIAGEO, the global beverage company known for brands like Johnnie Walker and Guinness, has encountered significant challenges following the death of CEO Sir Ivan Menezes in June 2023. Menezes, who had led the company since 2013, was succeeded by Debra Crew.

Under Crew's leadership, Diageo has faced a profits warning and adverse global consumer trends. The company's shares have declined nearly 30 per cent since her appointment.

Keep ReadingShow less
Nirmala-Sitharaman-Reuters

India's finance minister Nirmala Sitharaman presented the annual budget on Saturday, February 1. (Photo: Reuters)

Key points from India's 2025 budget

INDIA will focus on increasing the spending power of its middle class, encouraging private investment, and promoting inclusive development, finance minister Nirmala Sitharaman said on Saturday while presenting the annual budget.

Sitharaman said the budget for 2025-26 includes measures for the poor, youth, farmers, and women. She also highlighted "transformative reforms in taxation."

Keep ReadingShow less
Shoplifting surge costs retailers record £2.2bn

In the 12 months to September 1, 2024, a total of 45,000 cases involving violence or abuse were recorded (Photo: iStock)

Shoplifting surge costs retailers record £2.2bn

SHOPLIFTING across the UK has spiked in recent months costing stores a record £2.2 billion ($2.7bn) in losses, a leading retail organisation warned.

"Retail crime is spiralling out of control," the British Retail Consortium said in its latest annual report, adding that thieves were also becoming more violent towards staff.

Keep ReadingShow less
Nirmala-Sitharaman-Getty

India's finance minister Nirmala Sitharaman will deliver the budget speech on Saturday. (Photo: Getty Images)

What to expect from India's budget

INDIAN prime minister Narendra Modi's government will present the annual budget on 1 February, with a focus on economic growth, job creation, and trade policies amid global uncertainties.

Finance minister Nirmala Sitharaman will deliver the budget speech.

Keep ReadingShow less