Johan Lundgren, a former executive at TUI Group (LON:TUI), will replace Carolyn McCall who in turn is due to take the top job at British broadcaster ITV (LON:ITV). She will step down as chief executive at the end of November but remain with the airline until year-end to assist with the transition. Shares of the company traded 0.4 percent higher at 1,275 pence as of 12:57 p.m.in London, extending gains this year to nearly 27 percent and valuing it at 5 billion pounds ($6.6 billion).
Johan Lundgren, 51, who will join the FTSE 100 budget airline on December 1, has more than 30 years’ experience of the travel industry, the past 12 at Tui Travel, where he was deputy chief executive and head of mainstream markets.
EasyJet chairman John Barton said: “I and the easyJet board are delighted to announce Johan as our new CEO”.
“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”.
Mr Lundgren, the company said, would receive an annual salary of £740,000 with a maximum yearly bonus of 200% of that sum. Lundgren will also benefit from a long-term incentive plan, totaling 250% of salary, based on easyJet’s three-year performance.
It means his first LTIP award will not vest until December 2020 and will be held until December 2022.
Under McCall, Europe’s second-biggest discount airline has expanded at more-major airports to appeal to business travelers and families.
McCall in the summer confirmed she was leaving the carrier to head up United Kingdom broadcaster ITV.
She has headed up the low-priced airline since 2010, and has been widely praised for her tenure at EasyJet and for raising the profile of women in business.
He joins easyJet at a hard time for the travel sector – with Brexit looming large on the horizon.