Michael O'Leary, the long-serving chief executive of Ryanair, has extended his contract to 2032 in a deal that includes a bonus scheme potentially worth more than €150m (£130m). The announcement comes as the airline he has led since 1994 has transformed from a relatively small regional carrier into Europe's largest low-cost operator.
Under the terms of the agreement, O'Leary will be granted the option to buy 10 million shares at €26.70 per share if he remains with the Ryanair group until April 2032. The option becomes exercisable only if annual profit reaches €4bn or if the share price exceeds €42 for 28 consecutive days.
“Michael O'Leary extends Ryanair contract to 2032, with bonus scheme potentially worth over £130m.”
Ryanair said in a statement that the “achievement of these very ambitious targets would create substantial additional value for all Ryanair shareholders”. The company’s chairman, Stan McCarthy, revealed that the board had “commenced discussions” with O’Leary in the spring, adding that the process “included extensive engagement with Ryanair’s largest shareholders”.
“I am pleased to report that this process … 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 said.
The new deal follows a bonus payout last year that was reported to be on track to exceed €100m. That was triggered when Ryanair’s shares closed above €21 for a 28th consecutive day in May 2025, meeting a key performance target.
O'Leary's extended tenure ensures continuity at the helm of Europe’s largest low-cost carrier, though the targets tied to his latest bonus are set high. Whether the share price or profit goals will be met remains to be seen, but the board has clearly bet on his ability to deliver.