easyJet Regulatory News (EZJ)

16 May 2024

easyJet plc

('easyJet' or the 'Company')

CEO Succession Plan

The Board of easyJet is pleased to announce an orderly succession plan for its Chief Executive, Johan Lundgren.

Johan Lundgren will step down as Chief Executive and leave easyJet early in 2025 having then served seven years as CEO. At that time Kenton Jarvis will succeed Johan and become the easyJet CEO. Kenton joined easyJet in February 2021, serving as a Board member and Chief Financial Officer since then. He will continue in the role of CFO during the transition period and a search for his successor will commence shortly.

Sir Stephen Hester, Chair of easyJet, comments:

"We are sad that Johan will retire from easyJet. He 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 towards its ambition of "being Europe's most loved airline, winning for customers, shareholders and our people". There is good positive momentum and Johan will be with us to close out the current year which we hope will be another one of strong progress. 

"We are also delighted to be able to announce Kenton as our next CEO, allowing an orderly and seamless transition. The appointment was made after a thorough process with a strong internal and external field of candidates. We are focused on executing the medium term plan and related financial targets set out earlier this year and see Kenton as the ideal person to lead our executive team to that end. He has impressed since joining easyJet in 2021, is fully bought in to the plan and will hit the ground running." 

Johan Lundgren, easyJet CEO, comments:

"I congratulate Kenton on being nominated my successor, it is fully deserved, and I will work closely with him and the whole executive team to achieve this year's goals and hand over responsibilities smoothly at the end of the year. There are important things still to accomplish over the balance of the year, but when the time comes I will leave easyJet with a great sense of loyalty and of pride at the progress made and the potential the Company has for the future."

Kenton Jarvis, easyJet CFO, comments:

"I am delighted to have been appointed the next CEO of easyJet and thank the Board and my colleagues for their trust and confidence. I am a huge believer in the future for our airline, which is powered by the talents and enthusiasm of our front line staff. I will be immensely proud to lead our teams to fulfil easyJet's bright potential."

This announcement contains inside information.

For further details please contact easyJet plc: 

LEI: 2138001S47XKWIB7TH90

Notes:

Johan Lundgren

· Johan Lundgren will be treated in accordance with easyJet's remuneration policy and his service contract for the remaining term of his employment. He will be treated as a good leaver for the purpose of incentives. Johan is expected to step down from the Board and as Chief Executive on 1 January 2025. He will remain with the business until the conclusion of his notice period on 16 May 2025 during which period he will be available to support the business as required. Full details will be disclosed on easyJet's website in compliance with Section 430(2B) of the Companies Act 2006 and in the Directors' Remuneration Report within the Company's Annual Report for the year ended 30 September 2024.

Kenton Jarvis

· Kenton Jarvis joined easyJet in February 2021 and has served as a Board member and Chief Financial Officer since then. His previous career history encompassed chartered accountancy at PWC, finance roles at Adidas, Airtours Holidays and TUI and a period as CEO of TUI's airline division.

· Kenton's remuneration package will be structured in line with the Company's existing policy for its CEO. On appointment his annual salary will be £800,000.

· There is no further information to be disclosed pursuant to Listing Rule 9.6.13.