Michael O'Leary, the man who turned a minor Irish airline into Europe's dominant low-cost carrier, has signed a new contract that could make him more than €150m (£130m) richer.
Ryanair confirmed on Tuesday that its chief executive had extended his leadership to April 2032, tying him to the company for six more years. Under the deal, O'Leary will be granted the option to buy 10 million shares at €26.70 each if annual profit reaches €4bn or the share price exceeds €42 for 28 consecutive days.
“Ryanair boss Michael O'Leary could pocket over £130m after extending his contract to 2032.”
"Achievement of these very ambitious targets would create substantial additional value for all Ryanair shareholders," the airline said in a statement.
Since taking the helm in 1994, O'Leary has overseen Ryanair's explosive growth from a small regional operator into Europe's largest budget airline. The new contract came after months of negotiations that began in the spring.
Ryanair group chairman Stan McCarthy said the board had "commenced discussions" with O'Leary over his future, adding: "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."
The deal follows a bumper payout last year, when it was reported that O'Leary was on track to pocket bonuses worth more than €100m. That came after Ryanair shares closed above €21 (£17.65) for a 28th consecutive day in May 2025, meeting a key performance target.
If O'Leary stays until 2032 and hits the new targets, his total haul from the bonus scheme could surpass €150m, making the extension one of the most lucrative in corporate Europe.