EasyJet investors on Monday rebuffed an attempt by the budget airline’s founder and largest shareholder Stelios Haji-Ioannou to oust chairman Michael Rake.

Haji-Ioannou, better known as Stelios, called for the removal of Rake, who is also deputy chairman of Barclays , in the wake of the Libor-rigging scandal at the British bank.

At a shareholder meeting, 53.3 percent of easyJet investors rejected the resolution while 46.7 percent supported the move, with a turnout of over 80 percent.

Stelios and his family control 37.2 percent of Easyjet.

“The board continues to seek a constructive relationship with all its shareholders and urges Sir Stelios and easyGroup to engage with easyJet,” said Deputy Chairman Charles Gurassa.

Stelios, who founded the low-cost carrier in 1995, called for Rake to go last month due to increasing commitments at Barclays after the interest-rate rigging scandal became public.

Rake had been favourite to take over the chairmanship of Barclays but later ruled himself out of the job.

Stelios quit the airline’s board in 2010 after a row over strategy. Since then he has been critical of many of the airline’s plans, including fleet expansion, executive pay and dividend policy.

Earlier this year easyJet shareholders voted overwhelmingly to award its top executives a multi-million pound pay package, a deal opposed by Stelios.

Last month, the airline upgraded its profit forecast and said it had benefited from strong demand.

Shares in the company, which have risen 40 percent in 2012, were down 0.45 percent at 553 pence at 1630 GMT, in line with the FTSE 250.

Reuters