Michael O'Leary, the man who turned Ryanair from a regional also-ran into Europe's biggest low-cost airline, has locked himself in for another six years – and in a deal that could see him pocket more than £130m.
O'Leary, who became chief executive in 1994, has extended his contract to April 2032, Ryanair announced. The sweetener: a bonus scheme granting him the option to buy 10 million shares at €26.70 each, provided annual profit hits €4 billion or the share price holds above €42 for 28 consecutive days.
“Michael O'Leary extends Ryanair CEO contract to 2032 in a bonus deal worth over £130m.”
"Achievement of these very ambitious targets would create substantial additional value for all Ryanair shareholders," the airline said in a statement.
The move caps months of negotiations. Stan McCarthy, Ryanair's group chairman, said the board began discussions with O'Leary in the spring. "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.
It is not the first time O'Leary has come close to a major payday. Last year, reports showed he was on course to collect bonuses worth more than €100m after Ryanair's shares closed above €21 for a 28th straight day in May 2025, triggering a key performance target.
With the new contract, the question now is whether the famously aggressive boss can push Ryanair's profits high enough – or its stock price far enough – to unlock the next, far larger windfall.