EasyJet founder Stelios says fleet must drop by quarter

EasyJet’s largest shareholder has said the airline’s fleet should be reduced by more than a quarter, as the coronavirus plunges the industry into crisis and forces airlines to drastically cut costs. Stelios Haji-Ioannou, who together with his family now owns a 33.7% stake, said Monday the operator should “plan for 250 aircraft in the fleet”, down from 344 currently. “When we emerge from this effective ban on air travel — albeit stuck in a financial recession — all airlines will have to adjust their business plans to run much smaller fleets than they were beforehand,” he said. “The number of aircraft in the fleet and the number of aircraft an airline buys from Airbus is critical.” Last November EasyJet ordered 12 aircraft from Airbus; a cancelled order would incur hefty financial penalties. <br/>