The London Daily News

The 43-year-old founder of the no frills airline says he is unhappy with the way the company operates. Also walking is director, Bob Rothenberg, and represented the holding company on the airline's board of directors.

The dramatic development came after years of disputes between the British Greek businessman and the airline.

Sir Stelios said in a statement:

"For some time I have firmly believed that the Easyjet management was pursuing the wrong strategy for... expansion."

Central to the entrepreneurs objections is the plan to expand its share of Europe's short-haul market from about 7% currently to 10%. Sir Stelios also pointed to the company's share price progress over the last 10 years and lack of dividends to back his criticism of the company's strategy.

He said:

"How can you buy 200 aircraft with shareholders' money and create no wealth for shareholders?"

Easyjet said in a statement:

"The stated reason for the resignation is that Sir Stelios... wishes to gain greater freedom to exercise Easygroup's rights as a shareholder in the company to seek a change in the company's strategy."

Easygroup owns a 26% stake in Easyjet.

Several executives have departed including Andy Harrison, who resigned as chief executive in December.