EasyJet shares fall on profit miss, CEO departure

Core Viewpoint - EasyJet reported a larger-than-expected pre-tax loss for the first half of the fiscal year, leading to a significant drop in its share price and the announcement of a CEO transition [1][2]. Financial Performance - The pre-tax loss for the six months ending in March was £350 million ($443 million), exceeding analyst expectations of £340 million [1]. - This loss represents an improvement from the £411 million pre-tax loss reported in the same period the previous year, indicating a gradual recovery from the Covid-19 travel slump [2]. Leadership Changes - CEO Johan Lundgren will step down in January 2025 after seven years, with current CFO Kenton Jarvis set to take over [2]. Market Outlook - Lundgren expressed optimism about the upcoming summer travel season, noting positive consumer spending trends, particularly towards popular European destinations like Spain, Portugal, and Turkey [3].