Ryanair boss Michael O’Leary bags four more years in the pilot’s seat – and a shot at an £86m bonus
Maverick Michael O’Leary has a chance of securing a €100million (£86million) bonus after extending his contract with Ryanair.
The airline’s boss – who has been in charge since 1994 – will stay for four more years beyond his existing contract until July 2028, giving the 61-year-old time to hit lofty targets that unlock the jackpot.
Ryanair announced the blockbuster bonus in 2019, only for the coronavirus crisis to intervene. O’Leary will cash in if the stock hits €21 or above for a 28-day period by 2028.
Ryanair boss Michael O’Leary (pictured) will stay in post until July 2028, giving him time to hit the lofty targets that unlock an £86m bonus
It could also be triggered if Ryanair’s profits hit €2.2billion (£1.9billion). Last night Ryanair shares closed under €13, requiring a 60 per cent lift to reach the incentive target price.
And in a sign the profits target is attainable, Ryanair’s profit in the six months to September hit a record €1.37billion.
Passenger numbers were up 11 per cent at 95.1m. It expects profit this year could be as high as £1billion.
Almost half of Ryanair’s shareholders rejected the scheme when it was proposed in 2019, but it was approved with a 50.5 per cent majority.