Michael O'Leary, the chief executive who transformed Ryanair from a small regional player into Europe's largest low-cost carrier, has extended his contract until 2032 in a deal that could earn him more than €150m (£130m).
The 10m share bonus scheme, triggered if annual profit reaches €4bn or the share price exceeds €42 for 28 successive days, would grant O'Leary the option to buy shares at €26.70 each. “Achievement of these very ambitious targets would create substantial additional value for all Ryanair shareholders,” the company said.
“Michael O'Leary extends Ryanair contract to 2032 in a deal that could earn him over €150m (£130m) in bonuses.”
Ryanair group chairman Stan McCarthy revealed that the board had “commenced discussions” with O'Leary in the spring. “I am pleased to report that this process, which included extensive engagement with Ryanair's largest shareholders, has successfully concluded with Michael agreeing to extend his leadership of the Ryanair Group for the next six years to April 2032, for the benefit of all shareholders,” he added.
O'Leary has been at the helm since 1994, overseeing the airline's explosive growth. Last year, he was on track to pocket bonuses worth more than €100m after Ryanair shares closed above €21 for 28 consecutive days in May 2025, meeting a key performance target. The new deal far exceeds that, with a maximum payout of over €150m if all conditions are met.