Easyjet’s boss receives £3m package as airline remains in the red

posted on 13th December 2022 by Eddie Saunders

, cityam.com

Easyjet’s boss Johan Lundgren has received a £3m remuneration even though the airline has posted a loss for the third consecutive year.

The chief executive received a £1.2m bonus in addition to his £833,000 annual salary as well as shares worth £925,000.

A company spokesperson said Lundgren – who has been at the carrier’s helm since December 2017 – managed a “billion-pound turnaround” whilst meeting the “stringent bonus targets” set down by Easyjet’s remuneration committee.

“This means almost all of the airline’s employees – from cabin crew to pilots to executive directors – will receive a bonus for the first time since 2019,” they added.

The low-cost carrier has managed to shrink its year-end loss to £178m, down from £1.1bn in 2021. 

Easyjet – which also reported a 300 per cent increase in revenue to £5.7bn – said late last month it was better placed than competitors to navigate the current economic climate.

“We go into this macroeconomic environment with strength and we are able to compete with all competitors thanks to our unique position in the market,” Lundgren said on 29 November whilst unveiling the financial results for the year ended 30 September.

“Easyjet has the financial strength that many competitors would give their left arm to have.”