EasyJet boss to have salary frozen next year

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EasyJet boss to have salary frozen next year as budget airline grapples with coronavirus travel restrictions

By Alex Lawson, Financial Mail On Sunday

Published: | Updated:

The chief executive of easyJet is to have his salary frozen next year as the budget airline grapples with Covid travel restrictions. 

Johan Lundgren will see his annual salary of £740,000 remain static. 

Salary freeze: The company’s pay committee decided in July that the  income of executives would not increase in 2021

The company’s pay committee decided in July that the salaries of executives would not increase in 2021. The decision is due to be published next month. 

Lundgren is expected to see his total pay package fall to 55 per cent of what he could have earned for the next two years after a plunge in the share price. 

The Mail on Sunday revealed last month that the Swede was among a host of executives at crisis-hit companies to have quietly hiked their pay back up after taking a wage cut at the start of the crisis. 

EasyJet has seen its shares crash this year and it is on track for its first-ever annual loss after international travel evaporated. 

Separately, a survey of 2,700 managers conducted for The Mail on Sunday by the Chartered Management Institute showed just 11 per cent reported taking pay cuts due to the pandemic. 

Of those who reported reductions, just over a third said their full pay had been reinstated. Nearly a third expect to be back on their full salary before the end of the year and the remainder had not been told when their pay would return to pre-Covid levels. 

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