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EasyJet to pay £10m bonus to 38 managers

Michael Harrison
Wednesday 11 December 2002 01:00 GMT
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A group of senior easyJet executives are to receive an early Christmas present after the airline completed a key stage in the integration of its low-cost rival Go four months ahead of schedule.

The switch to a single air operator's licence, which took place on Monday, has triggered the first tranche of a £10m bonus payment for 38 top managers from the two airlines.

The executives will each receive a year's salary in shares in return for hitting the target early. The original deadline for operating under a common licence was next April.

The managers will be entitled to a further year's salary in shares when the airlines start operating under a single brand. Full integration of the airlines, scheduled to take place next summer, will trigger the award of a third tranche of shares.

EasyJet also indicated that it was preparing to go ahead with the €50m (£32m) takeover of British Airways' German subsidiary, Deutsche BA.

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