Sir Stelios in new battle over management pay
EasyGroup founder Sir Stelios Haji-Ioannou is trying to block executive pay at his budget accommodation chain easyHotel.
Sir Stelios has revealed he will vote against the remuneration package of management team, including the new chief executive Guy Parsons and its finance director Marc Vieilledent, at this Thursday’s annual general meeting.
The Greek billionaire, who holds 49% of the voting rights, will also vote against all other resolutions at the AGM, said a spokesperson for his investment company, easyGroup.
EasyHotel’s annual report reveals that Parsons received £33,465 from August 10 last year, when he joined the company, to September 30, the end of its financial year.
Vielledent, who started in May 2015, received £100,000, including a £35,000 bonus.
Sir Stelios said his concern was that while revenues at easyHotel are expected to grow up to £7.6 million this year, net pre-tax profit will remain flat at £800,000.
"EasyGroup has previously made these concerns clear to the easyHotel board in the normal course of shareholder/company dialogue," said his spokesperson.
Sir Stelios, who founded easyJet in 1995, has a history of criticizing the management of his companies. In 2014, he fought an unsuccessful battle against a £6.4 million package awarded to easyJet chief executive Carolyn McCall.
He had earlier criticised the lack of dividends paid by easyJet when it was under the leadership of Andy Harrison, and he has also attacked the executive pay at Fastjet, an Africa-based budget carrier he co-founded.
Easyhotel said: "The board of easyHotel recognises that from time to time there may be differences over the approach to the implementation of the agreed strategy."
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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