easyJet founder Sir Stelios Haji-Ioannou has stepped down from the budget airline's board of directors in a dispute over the future direction of the company.

In a statement, the entrepreneur said that he and director Robert Rothenberg had resigned to focus on a shareholder campaign against the company's decision to purchase additional aircraft. Sir Stelios said: "For some time I have firmly believed that the easyJet management was pursuing the wrong strategy for the expansion of the business.

"The management has been determined to continue to buy new aircraft from Airbus despite the fact that this huge expenditure is demonstrably failing to produce higher profits and therefore has created zero value for shareholders." However, a open letter from easyJet chair Sir Michael Rake to its shareholders said the board was "surprised and disappointed" by the resignation, and could see no reason for the dispute.

Sir Michael said: "easyJet's stated medium term growth rate of 7.5 per cent in seats flown per annum was approved by the board in June 2009. The board minutes from that meeting show unanimous agreement." Image: easyJet