EasyJet hires rail transport executive as CFO ahead of leadership shake-up

EasyJet has appointed Jan De Raeymaeker as its next chief financial officer ahead of an imminent leadership shake-up at Europe’s second-largest airline.

De Raeymaeker, who currently holds the same role at private rail transport operator Lineas, will join in January when his predecessor Kenton Jarvis takes over as chief executive.

The executive, who will earn an annual salary of £550,000 before bonuses, previously led financial operations at Brussels Airways during a period of business repositioning.

Stephen Hester, head of EasyJet, said De Raeymaeker has “good experience in the airline and transport sectors, as well as strong reference points in continental Europe.”

Incoming boss Jarvis will replace Johan Lundgren next year, tasked with generating annual profits of £1bn by 2028-29 at the latest.

Lundgren intends to step down from his role in early 2025, following a turbulent seven-year period indelibly marked by the Covid-19 pandemic.

Tough restrictions on cross-border travel earlier this decade caused considerable financial damage to the global airline industry, leading to massive job losses and the bankruptcy of some airlines.

EasyJet shares have struggled to gain momentum this year, falling around 1.5 percent, as geopolitical tensions raise concerns about the outlook for jet fuel costs and disruption to international travel.

This is despite EasyJet telling investors in July that it expected to record a record summer this year as rising demand drives higher profits while rivals such as Ryanair struggle in comparison.

It sold 1.5 million more seats in peak season than the same period last year in the three months ending in June.

Jarvis said his replacement as CFO brings “deep knowledge of the airline and transport sector, which we believe will be of great benefit to easyJet in the future.”

He added: ‘(De Raeymaeker’s) financial and commercial acumen will be essential as we continue to make progress towards meeting our medium-term objectives and our goal of facilitating low-cost travel. “I look forward to working closely with him.”