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easyJet appoints replacement chief executive

easyjeteasyJet has announced the appointment of Johan Lundgren as the airline’s new Chief Eecutive.

This follows the announcement on 17 July that Carolyn McCall had advised the Board of her intention to leave easyJet to become the head of ITV plc.

Johan Lundgren will be joining the board on December 1st and Carolyn will step down as CEO and from the Board on November 30th.

Lundgren has been working at a senior level at the TUI Group for the past 12 years where he was a director of TUI Travel plc.
John Barton, Chairman of easyJet, said,

"I and the easyJet board are delighted to announce Johan as our new CEO.  Johan has proven experience in European travel as CEO and in broader group roles.  He is strategic yet operationally focussed and has proved himself to be a customer-centric, charismatic and successful leader.

"easyJet is a structural winner in a dynamic aviation environment.  Johan inherits a leadership team of strength and depth, engaged people and loyal passengers flying on Europe's best network.

"I am sure that under his leadership easyJet will go from strength to strength.

"Finally, I wanted to reiterate everyone at easyJet's thanks to Carolyn for all she has done for the airline and to wish her well in her exciting new role."

Johan Lundgren commented, "I have flown with and been a fan of easyJet and its wonderful people for many years.  This is an exciting time to be joining Europe's leading airline. Carolyn has built a fantastic team and with them I look forward to contributing to easyJet's continued success."

Lungdren’s starting salary is £740,000 with a maximum annual bonus opportunity 200% of salary.  One-third of any bonus earned is subject to compulsory deferral into shares for a period of three years.  In addition, there is a long-term incentive plan where payments are based on performance and assessed by the Remuneration Committee

Awards under this scheme normally will be at 250% of salary with an additional two-year holding period required following vesting and prior to their release.

To show unwavering commitment, the new Chief Executive also will be expected to build and maintain a shareholding in easyJet equivalent of at least 200% of his salary over a five year period, starting on December 1st.  

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