Stelios Haji-Ioannou

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Sir Stelios Haji-Ioannou
Στέλιος Χατζηιωάννου
Born (1967-02-14) 14 February 1967 (age 57)
Athens, Greece
Residence Monaco
Nationality Greek Cypriot
Alma mater Cass Business School, London School of Economics
Occupation Entrepreneur
Known for Founder & owner of EasyJet
Owner of Stelmar Shipping
Net worth US$1.47 billion (March 2016)[1]
Website www.stelios.com

Sir Stelios Haji-Ioannou (Greek: Στέλιος Χατζηιωάννου; born 14 February 1967) is a British entrepreneur of Greek-Cypriot origin, resident in Monaco. He is the scion of a wealthy ship owning family, but is best known for founding easyJet, a low-cost airline and the Stelmar shipping line, with start-up funds provided by his father. easyJet's foundation in 1995 marked the beginning of a series of ventures marketed under the "easy" brand, managed by easyGroup and chaired by Sir Stelios.

Family and education

Stelios is the second of three children by Loucas and Nedi Haji-Ioannou. He was born in Athens, Greece. His father's family originates from the Pedoulas village in the mountains of Cyprus, while his mother is from the Potsos family of Laneia village, outside the city of Limassol. After his secondary education in Athens, he studied Economics at the London School of Economics, graduating with a BSc in 1987. He went on to obtain an MSc in Shipping, Trade & Finance from Cass Business School.

Stelios has subsequently been awarded four honorary doctorates from Liverpool John Moores University, Cass Business School,[2] Newcastle Business School[3] and Cranfield University.[4]

Early career

A self-labelled "serial entrepreneur", Stelios started working in 1988 for his father's already successful shipping business, Troodos Shipping Co Ltd. At 25, he gave Stelios £30 million that he used to set up his own shipping company, Stelmar Shipping.[5] Stelios floated the company on the NYSE in 2001. In 2005, Stelmar Shipping was sold to the OSG Group for approximately $1.3 billion.

Exonerated in shipping accident

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Main article: MT Haven

In April 1991, a Troodos-owned VLCC oil tanker suffered a disaster that resulted in six deaths and spilt about 50,000 tons of crude oil into the sea - arguably the Mediterranean's worst-ever ecological disaster.[6] The tanker, M/T Haven, was an elderly vessel, formerly the Amoco Haven, sister ship of the ill-starred Amoco Cadiz that had foundered in 1978. Stelios was accused of poor maintenance and charged, in Italy, with manslaughter and also intimidating and attempting to bribe witnesses. Stelios blamed the accident on an error by one of the surviving crew members.[citation needed]

He and his father were acquitted by the jury. Subsequent civil demands for compensation were also dismissed by the courts.[6][7]

The "easy" companies

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Main article: easyGroup

Stelios started easyJet in 1995 when he was 28, running a service between Luton and Scotland. In 2000, easyJet PLC was partially floated on the London Stock Exchange. He and his family remain its largest single shareholders (34%) in the airline, capitalized at £6.8bn as of 20/08/15.

Nowadays, he conducts business via his private investment vehicle, the easyGroup, which owns the 'easy' brand and licenses it to the various 'easy'-branded ventures, including the airline. Stelios continues to extend his business interests, mainly in the field of travel and leisure by encouraging entrepreneurs to adopt the "easy" brand for their companies. (www.easy.com)

easyJet PLC is one of Europe's largest airlines with a fleet of over 220 jets(+169 on order)carrying over 60m passengers annually.

Other travel/leisure-related businesses include:

  • easyCar, which offers a peer2peer car sharing scheme as well as low cost car rental in 2,000 locations globally[8]
  • easyBus, which offers low cost bus transportation between London/Paris/Geneva airports and their respective city centres[9]
  • easyHotel, which offers low cost accommodation in city centres across Europe[10]
  • easyFoodstore is a new concept, currently being trialed with a view to offering discounted, "white-label" groceries to low-income and benefit dependent groups.[11]
  • easyGym which offers low cost, no-contract gym memberships in 14 locations in the UK, while looking to expand inside the EU.
  • easyProperty which offers an on-line service to homeowners and prospective buyers as well landlords and tenants.

In the June 2006, Stelios received a knighthood from HM Queen Elizabeth II for "services to entrepreneurship".

Fastjet

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Main article: Fastjet

In September 2011 it was reported that Stelios was working on a new airline called Fastjet as part of a joint venture with Lonrho plc. The airline started operations on 29 November 2012 with Airbus A319 aircraft.[12]

Battle with Ryanair

In 2009, Stelios brought proceedings in London's High Court over Ryanair adverts which appeared in The Guardian, the Daily Telegraph and on Ryanair's website in January and February. The adverts featured a picture of Stelios in the style of Pinocchio and referred to him as "easyJet's Mr Late Again". The case was eventually settled out of court, with Stelios receiving an official apology from the airline and the sum of £50,100, which Stelios announced he would donate to his philanthropic foundation.[13]

Domicile

Stelios has been a Monaco resident since his family left Athens when he was a teenager.[14]

Politics and public life

Stelios was a member of the New Enterprise Council, a group set up to advise the Conservative Party on business policy. He stated at the time that this appointment did not reflect his political affiliations, adding "I agreed to be included in the group of entrepreneurs because I was assured it will be non-partisan. [There is] not much difference between Left and Right any more."[15]

On 1 April 2010, in a letter to the Daily Telegraph, Stelios joined 23 other UK business leaders, including Marks & Spencer's Stuart Rose and Next's Simon Wolfson, criticising the Labour government's plans to raise National Insurance contribution rates.[16]

The character of Omar Baba in the BBC TV comedy Come Fly With Me is reportedly based on Stelios.[17]

Charity

His charitable foundation, the Stelios Philanthropic Foundation, (www.Stelios.com) supports education,[18][19] as well as entrepreneurial[20] and environmental initiatives[21] through the provision of funding and advice in the UK, Greece and Cyprus.It also sponsors annual awards with cash prizes to entrepreneurs in the UK, Greece and Cyprus.

The Foundation finances ten undergraduate scholarships annually for students taking a three-year course at his alma mater, the London School of Economics and Political Science, and a further ten postgraduate awards at City University's Cass Business School (1-year course). It also gives a £50,000 cash prize to the winner of the Disabled Entrepreneur in the UK Award, run in conjunction with Leonard Cheshire Disability. Similar prizes are awarded for enterprises in Cyprus that help foster inter-communal relationships on the island and Greece where the Foundation hosts an award for young entrepreneurs.

Most recently the Foundation has joined the relief effort aimed at helping those in Greece and Cyprus worst affected by the current economic downturn. Its "Food from the Heart" initiative, based in Limassol, hands out free lunchtime snacks to registered recipients in Nicosia, Limassol and Athens. Further outlets to help cope with the refugees landing on Aegean islands are in the planning stage. (www.stelios.com)

He was among the benefactors of the "Make a WISH" charity event held in Monaco - June 2015 - organized by the Embassy of the Sovereign Order of Malta to the Republic of Serbia.

See also

References

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  15. ↑ Parties clash in corporate credentials battle MarketWatch, 15 November 2007
  16. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  17. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  18. ↑ Stelios Scholarships City Unjiversity, London, 17 June 2011
  19. ↑ Stelios Scholarships London School of Economics, 17 June 2011
  20. ↑ CleanEquity Monaco 2010 Cleantech Investor, March 2010
  21. ↑ Stelios gives €200,000 for environmental research centre Cyprus Mail, 22 October 2010

Further reading

External links

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