Airline exit

Lundgren departure ‘will be loss to EasyJet’

Departing: Johan Lundgren

Budget airline easyJet said chief executive Johan Lundgren will step down early next year, leaving the company in a stronger position.

Mr Lundgren will be succeeded by chief financial officer Kenton Jarvis.

The company reported a headline pretax loss of £350m, down on £392m last year but ahead of expectations of a £340m loss.

The shares closed by 31.75p, or 6%, to 497.75p.

In a statement, Mr Lundgren said: “We are now absolutely focused on another record summer which is expected to deliver strong FY24 earnings growth and are on track to achieve our medium term targets.”

Zoe Gillespie, investment manager at RBC Brewin Dolphin, said: “EasyJet continues to reduce losses during the quieter winter period, while summer bookings are strong.

“Greater airline capacity, increased revenue from ancillary services, and the growth of easyJet Holidays are adding to the spread of revenue sources and giving customers a better connection to the brand.

“Johan Lundgren has navigated a particularly turbulent period for easyJet in the last seven years and his departure will be a loss to the company.

“But, he leaves the airline in a strong position and there are clear succession plans in place, providing a good deal of stability for easyJet as it continues on its upward trajectory.

“While the shares have rallied since October 2023, they remain some way off their pre-pandemic peak – so there is still plenty of room for growth.”

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