Michael O'Leary, the Ryanair chief executive, has extended his contract to 2032 in a deal that could see him earn more than €150m (£130m) through a bonus scheme. The Dublin-based airline announced the extension on Wednesday, saying the veteran boss would remain at the helm for another six years.
The bonus scheme grants O'Leary the option to buy 10 million shares at €26.70 per share if annual profit reaches €4bn or if the share price exceeds €42 for 28 successive days. "Achievement of these very ambitious targets would create substantial additional value for all Ryanair shareholders," the company said in a statement.
“Michael O'Leary extends Ryanair contract to 2032 with bonus scheme worth over £130m.”
Since O'Leary became chief executive in 1994, Ryanair has grown from a relatively small regional airline into Europe's largest low-cost carrier. The board began discussions with him in spring, according to chairman Stan McCarthy. "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," McCarthy added.
The new deal comes after it was reported last year that O'Leary was on track to pocket bonuses worth more than €100m. That followed shares in the budget airline closing above €21 (£17.65) for a 28th consecutive day in May 2025, meeting a key performance target.