easyJet (London Luton) founder Stelios Haji-Ioannou has failed in an attempt to oust three senior managers and block the purchase of Airbus aircraft, and subsequently accused the airline of “voting fraud”.

During a virtual meeting on May 22, Haji-Ioannou called for the removal of the chairman, chief executive, finance director and one other director. Shareholders voted to keep chief executive officer Johan Lundgren, chairman John Barton and Chief Financial Officer Andrew Findlay as well as independent non-executive director, Andreas Bierwirth, easyJet said in an investor relations statement.

The company added that all four resolutions were defeated, with over 99% of votes cast by independent shareholders being in support of the Board. Fifty-seven per cent of votes cast were against removing the four members.

easyJet Chairman, John Barton, said: "On behalf of the board I would like to thank shareholders for their support. The airline industry is facing unprecedented challenges and the board's immediate priority has been to take the necessary steps to successfully guide easyJet through this period of uncertainty. We are relentlessly focused on cash conservation and ensuring that easyJet emerges from the Covid-19 crisis in a strong competitive position. The board seeks good relationships with all of the Company's shareholders and hopes to be able to re-engage constructively with Sir Stelios."

Haji-Ioannou, in a statement posted by easyGroup Holdings on May 22 after the meeting, said that “The results constitute voting fraud as at least 15% of the shares held by the three ‘strawmen’ (Invesco, 91 and Phoenix) are controlled by Airbus and were therefore ‘related parties’ in this vote.”

Haji-Ioannou, whose family owns 34% of easyJet stock, wants the airline to axe a plan to buy 107 new A320neo/A321neo from Airbus, saying the airline cannot afford the purchase due to the coronavirus pandemic, which has curtailed demand.

Invesco owns 10% of easyJet’s shares while 91 UK Limited has 5.2% and Phoenix Asset Management has 3.3%, according to Refinitive data. They said they were backing management in the vote.

Haji-Ioannou said “we will never stop in our quest to out these ‘strawmen’,” and added that he believes Airbus controls at least 15% of the shares in easyJet “in order to support the scoundrels [at easyJet] to buy more and more planes at inflated prices.” Earlier in May he offered a GBP5 million (USD6 million) reward to anyone with information that could lead to the cancellation of the Airbus order. The order is worth GBP4.5 billion (USD5.6 billion).

After founding easyJet in 1995, Haji-Ioannou quit the board in 2010 and has had several run-ins with management over the years. He is advocating reducing the airline’s fleet, not expanding it with new aircraft as he maintain this will destroy shareholder value.