Ryanair boss O’Leary bags four more years and a shot at an £86m bonus
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Ryanair boss Michael O’Leary takes another four years in the pilot’s seat – and a chance at a £86m bonus
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Maverick Michael O’Leary is in the running for a €100 million (£86 million) bonus following his contract extension with Ryanair.
The airline’s boss – who has been in charge since 1994 – will remain on his current contract for another four years until July 2028, giving the 61-year-old time to complete lofty goals that unlock the jackpot.
Ryanair announced the blockbuster bonus in 2019, only for the corona crisis to intervene. O’Leary cashes in if the stock reaches $21 or more in a 28-day period in 2028.
Ryanair boss Michael O’Leary (pictured) will remain in office until July 2028, giving him time to reach the lofty goals that will unlock an £86 million bonus
It could also be triggered if Ryanair’s profit reached €2.2bn (£1.9bn). Last night, Ryanair’s shares closed below €13, requiring a 60 percent gain to reach the stimulus target price.
And as a sign that the profit target is achievable, Ryanair’s profit reached a record €1.37 billion in the six months to September.
The number of passengers increased by 11 percent to 95.1 million. It expects profits to reach £1 billion this year.
Nearly half of Ryanair’s shareholders rejected the plan when it was proposed in 2019, but it was approved by a 50.5 per cent majority.