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Combining the two issues, he goes on: “We do not believe directors who have resigned should be allowed to commit any company to a major programme of capital expenditure that will burden the company for five to 10 years after their departure.” On the subject of pay, Sir Stelios says Carolyn Mc Call, chief executive, is “overpaid”, blaming Sir Mike for the decision to grant her shares worth £2.86m as part of a long-term incentive plan.
“I have no favourites in who the next Chairman would be.
“He should have resigned last year and that would have saved the company money,” Sir Stelios writes in a circular which is expected to be released to other investors as early as today.
The airline founder cites Sir Mike’s other roles – including being deputy chairman of Barclays, and a director of Standard & Poor’s – as part of the reason he believes Sir Mike should go now.