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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The tycoon has made a number of attempts to oust Sir Mike in the three years since he became chairman.

Sir Mike said he wanted to make his position clear ahead of the annual meeting, adding that easyJet "has by any definition enjoyed a period of success and profitable growth in the last three years".