EasyJet names former RBS boss Hester as chairman

EasyJet on Monday (August 23) named former Royal Bank of Scotland boss Stephen Hester to be its new chairman.

That as the budget airline seeks experienced leadership to help it navigate a recovery.

Hester is no stranger to turnaround plans.

With three decades of experience in several industries, he was widely praised for restructuring RBS in the aftermath of its state bailout during the 2008 financial crisis.

The British airline said last month it planned to fly 60% of its pre-health crisis capacity between July and September.

It has shed staff, cut its fleet and taken on new debt to survive.

Shares of the London-listed company rose as much as 3% in early deals following the announcement of Hester's appointment.

The stock lost more than 40% of its value last year when the crisis hammered the air travel industry.

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