CFO Jarvis to succeed Lundgren as CEO early next year
Jarvis says committed to current strategy
H1 pretax loss 350 mln stg vs guidance of 340360 mln
Shares down almost 7

LONDON, May 16 Reuters Johan Lundgren, the architect of easyJet39;s recovery from the pandemic, will step down in early 2025, it said on Thursday, sending its shares sharply lower as the budget airline also reported firsthalf losses in line with its expectations.

Lundgren, who has slashed debt and built up a profitable packaged holiday business, will be succeeded by Chief Financial Officer Kenton Jarvis who, like Lundgren, joined easyJet from Europe39;s largest travel company TUI.

EasyJet shares were down almost 7 at 0801 GMT, wiping out most of the gains made this year in their biggest drop since October, even as Jarvis told reporters he was committed to the board39;s current strategy.

The company reported a headline pretax loss of 350 million pounds 444 million for the first half of its financial year, versus an expected loss of 340 million pounds, according to an LSEG poll. Losses were 392 million pounds a year earlier.

EasyJet had forecast a loss of 340360 million pounds.

It said headline costs were up 17 as jet fuel prices rose and it continued investing in its holiday business, which logged a 40 rise in passengers yearonyear.

We are now absolutely focused on another record summer which is expected to deliver strong FY24 earnings growth and are on track to achieve our medium term targets,…