Stelios Haji-Ioannou says he will concentrate on other ventures after his move from the Luton-based airline.

Mr Haji-Ioannou managed to build Easyjet into Europe's biggest no-frills airline and became one of the country's best-known entrepreneurs.

In 1995, he used a £5m loan from his father to start up the airline.

After stepping down from the board of Easyjet, Mr Haji-Ioannou will concentrate on other ventures, including budget car rentals and internet cafes.

Easyjet's new chairman will be Sir Colin Chandler, the former chairman of Vickers Defence Systems.

Mr Haji-Ioannou currently owns almost 22% of Easyjet and said he would remain a "significant" shareholder in the airline.