EasyJet says two of its non-executive directors will step down in 2020

EasyJet (LON: EZJ) said on Monday that upholding the long-held tradition of corporate governance best practice, two directors (non-executive) of the British low-cost airline will step down later in 2020.

Shares of the company are currently more than 4% up on Monday. At 942 pence per share, EasyJet is roughly 30% down year to date in the stock market after recovering from 475 pence per share in early April. Learn more about how to choose winning stocks.

Both directors served EasyJet for nine years

Andy Martin is currently serving at EasyJet as an independent non-executive director. Martin’s tenure lasted for nine years with the director scheduled to exit the role on 31^st August. Charles Gurassa has also served the company for nine years. The senior independent director and deputy chairman will step down on 31^st December.

EasyJet also highlighted on Monday that Gurassa’s departure is planned for the end of the year so that the airline’s response to the ongoing Coronavirus pandemic that has so far infected a little under 300,000 people in the United Kingdom and caused more than 40,000 deaths will not be disrupted.

According to the British air carrier, its nominations committee is expected to launch a review of the company’s board in the upcoming weeks. Following the review, search for its new senior independent director will begin.

EasyJet partners with Black Swan Data

In separate news, EasyJet has also partnered with Black Swan data. The UK-based artificial intelligence company will help the airline analyse customer behaviour to predict future trends and plan its financial strategy accordingly.

EasyJet had grounded the majority of its fleet in recent months and deferred jets deliveries amidst the ongoing health crisis that weighed heavily on demand for air travel. Black Swan will rely on machine learning to track orders and estimate the quantity of fresh food required on each flight to help minimise wastage.

As the PM Johnson’s government announced plans of easing COVID-19 restrictions at the end of May, EasyJet said that it is likely to resume around 75% of its flights by August. The UK’s recently introduced 14-day quarantine rule, however, was not well received by the low-cost airline much like its competitors including Ryanair and British Airways. The three airlines are now considering challenging the quarantine rule.

At the time of writing, EasyJet is valued at £3.77 billion and has a price to earnings ratio of 10.79.