After leading EasyJet, a major low-cost airline based out of London Luton Airport, through the epidemic, the CEO has decided to step down.
Kenton Jarvis, the former head of finance, will replace Johan Lundgren at the beginning of next year.
After Lundgren worked his way up to deputy chief executive at competitor Tui, he succeeded Carolyn McCall, who is currently the leader of ITV, as Easyjet’s CEO in 2017.
However, there have been several bumps in Lundgren’s path to the head of the company.
As a result of the pandemic’s lockdowns and travel restrictions, EasyJet saw significant disruptions.
The founder and most significant stakeholder, Sir Stelios Haji-Ioannou, attempted to have him fired.
After two British football clubs reached the 2019 Champions League final, Lundgren was in trouble for raising the price of the ticket to Madrid to £1,000.
He blamed the “enormous” increase in demand for the price increase.
In the six months ending in March, the company lost £350 million.
This was a decrease from £411 million in losses over the same time last year.
Another record-breaking summer is what EasyJet is banking on.
Increased package demand and the opening of additional bases in Alicante and Birmingham will help it grow.
However, yesterday, shares dropped 6%, or 31.7p, to 497.7p.
During the lockdowns, the number of passengers at the Essex terminal decreased by 90%, and all commercial aircraft were briefly grounded.
Overnight, private equity company Carlyle finalized its acquisition as a majority stakeholder, according to the airport.
Although EasyJet jets have been using Southend for some time now, the new base ensures that three planes will be stationed there permanently.
With the planned opening in March 2025, the airline will have a total of ten bases in the United Kingdom.
However, with almost a hundred flights canceled in anticipation of the Paris Olympics, EasyJet may have a rough go of it this summer.
Because of the heightened terror threat, a measure will be taken to mark the beginning of the 2024 Summer Olympics in Paris.
Major disruptions are imminent at Charles de Gaulle and Orly, the two main Paris airports, as well as at Beauvais, the smaller airport for budget airlines.
