Ryanair’s board has approved a new contract for CEO Michael O’Leary that could be worth over €150 million, extending his tenure until 2032 and introducing a bonus scheme tied to ambitious profit and stock price targets. The deal, which supplements an earlier incentive plan due to expire in 2028, could yield combined payouts exceeding €250 million if both sets of conditions are met, making it one of the largest CEO compensation packages in European aviation.
Background: O’Leary’s Long Reign at Ryanair
Michael O’Leary has led Ryanair since 1994, transforming it from a regional carrier into Europe’s largest low-cost airline by passenger numbers. Known for his aggressive cost-cutting, no-frills service, and confrontational style with unions and regulators, O’Leary has delivered consistent profitability despite volatile fuel prices and occasional PR firestorms. Under his stewardship, Ryanair’s fleet grew from a handful of turboprops to over 500 Boeing 737s, and annual profits surged from near zero to record highs.
His previous bonus plan, adopted in 2018, awards roughly €100 million if Ryanair’s stock averages above €21 for 28 consecutive trading days before May 2025. As of mid-2025, the stock hovered around €19, so that target remains uncertain. The new contract, announced in early 2025, grants O’Leary options to purchase 10 million shares at an exercise price of €26.70 — a significant premium to the current market price.