Sir Mike Rake is to step down this summer as chairman of easyJet after guiding the airline to the brink of the FTSE-100.
The departure means BT chairman Sir Mike will avoid breaching guidelines on chairing more than one FTSE-100 company.
His exit will also take the City veteran out of the firing line after a bruising battle with the airline's founder and largest shareholder, Sir Stelios Haji-Ioannou, over executive bonuses and plans to order new planes.
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