Ryanair Chief Executive Michael O’Leary is poised to receive a handsome €100m bonus if he stays at the airline.
His mammoth payout offer comes after the low-cost carrier’s shares hit a key performance target on Thursday.
O’Leary stands to receive shares worth €111m (£93.5m) if he stays with the airline until the end of July 2028, as long as the company’s share price remains above €21 for 28 consecutive days.
The deal, reached in December 2022, was designed to ensure that the 64-year-old stayed on as the boss of the company.
This bonus is considered one of the largest in European corporate history. O’Leary, the CEO, highlighted that the value offered exceeds the salaries of top football players during a recent discussion with investors.
When addressing questions about the share option during an analyst call, O’Leary emphasized the exceptional value Ryanair provides to its shareholders, especially when compared to the substantial pay received by Premier League footballers and managers, ranging from €20-25 million annually.
‘I think Ryanair shareholders are getting a particular value out of our share options – both mine and the rest of the management team,’ he said added, after the airline reported an annual after-tax profit of 1.6 billion euros.
Ryanair Chief Executive Michael O’Leary is set to receive a handsome €100m bonus if he stays at the airline
His mammoth payout offer comes after the low-cost carrier’s shares hit a key performance target on Thursday
A Ryanair spokesperson earlier this week said the airline was not planning to comment on Thursday’s milestone as the options would not vest for another three years.
The payment was described as excessive by Luke Hildyard, chief executive of the High Pay Centre, which campaigns against executive pay.
Hildyard argued that the pay often far surpasses bosses’ worth to companies or their shareholders.
In his three decades as chief executive, O’Leary has helped transform Ryanair from a small Irish regional carrier to Europe’s largest airline by passenger numbers.
He is the airline’s eighth-largest shareholder with 44.1 million shares, representing 4.15% of the company.
He was granted a significant stake in the 1990s during his early years as chief executive.
Ryanair’s share price fell as low as 8 euros at the start of the COVID pandemic, just months after the 21 euro target was set.
O’Leary will be given shares worth €111m (£93.5m) if he remains at the airline until the end of July 2028 because the company’s share price stayed above €21 for 28 days
It comes after a restaurant caused a storm online after hosting O’Leary – and adding a few additional charges to his bill.
Luvida Restaurant in Navan, Ireland, the for a meal in March.
To mock Ryanair’s billing style, the restaurant, which serves ‘contemporary’ foods, added numerous additional charges to O’Leary’s bill.
The budget-friendly airline is renowned for adding extra charges, including baggage and check-in fees.
Considering this, the restaurant piled on supplementary charges, including €7.95 (£6.25) for ‘extra leg space’, €9.95 (£8.32) for ‘priority booth seating’ and €19.95 (£16.69) for a ‘quiet area reservation’.
O’Leary appeared to find humour in the situation and paid the €142.30 (£119.04) bill, which also included the cost of a bottle of Pinot Giorgio, battered prawns, mushroom on toast, and a seabass main.
‘Thank you to Michael O’Leary for choosing to dine with us tonight,’ the restaurant said on Instagram.
It added: ‘It was a pleasure to host you. Hope you don’t mind us adding some additional charges to your bill for extra leg space, priority booth seating, and quiet area reservation.’
