Jet2 appoints successor for chair Philip Meeson
Jet2 announced a replacement for long-time chief and founder Philip Meeson, the entrepreneur who transformed the company into the UK’s leading package holiday airline.
Senior independent non-executive director Robin Terrell is stepping in, following an announcement in July that 75-year-old Meeson was to depart after nearly 40 years at the helm.
Terrell, who was appointed to director in April 2020, was recognised by the company for his role in navigating the company through “the most tumultuous period in its history” during the pandemic.
He has held senior roles at a slew of online and retail businesses including Amazon, John Lewis and Tesco.
Terrell said it was an “immense privilege to be asked to chair a company of the calibre of Jet2”.
“Philip can be rightly proud of the fantastic, financially robust business he has developed with the team over the last four decades,” he added.
Despite standing down from the board, Meeson will stay on at Jet2 as an advisor.
He first acquired the business in 1983 via the Dart Group, and has overseen Jet2’s journey to becoming the third largest airline in the country.
Meeson said that Terrell’s background across consumer and online industries would prove to be of “significant benefit to the company”.
“Although I am stepping back from the Board, I’m proud to remain a significant shareholder and will remain a strong supporter of the business,” he said. “I am confident that, thanks to our outstanding team across the business, the company will go on to enjoy even greater success in the future.”
July’s announcement had prompted a 10 per cent slump in the company’s shares, as investors fretted over the firm’s future under new leadership.
Today’s news was welcomed by analysts, with Jefferies stating in a note that the appointment would “support sentiment” among investors due to Terrell’s “extensive experience” in the consumer sector.
“We see very little operational risk to the business from the transition,” the note added.
Following the announcement, Jet2’s share price had pulled back about 0.6 per cent by 12.15am in London.