Airlines

Published on December 10th, 2022 | by Mark Dwyer

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Michael O’Leary Extends Term as Ryanair Group CEO until July 2028

The Ryanair Board of Directors has confirmed that they have agreed a contract extension which will see Michael O’Leary remain as Group CEO until the end of July 2028, an extension of four years on the previously agreed date. Under this extended contract the final vesting date for share options granted in 2019 will be extended to 2028, subject to O’Leary remaining in employment with the Group until July 2028 and delivering stretched performance targets which will reward shareholders if these ambitious targets are delivered. These include Profit after Tax targets of up to €2.2bn and/or a share price of €21. If these targets are not achieved then these share options will lapse and O’Leary will receive nothing other than his basic salary. An amended Remuneration Policy, reflecting these changes, will be tabled at Ryanair’s 2023 AGM.

The Board have also announced the appointment of Ms Anne Nolan to the Board as a Non-Executive Director with immediate effect. Ms Nolan is a former Chair of the IAA (from 2010 to 2018) and previously served as Chief Executive of the Irish Pharmaceutical Healthcare Association. She has also served on various Boards including the Food Safety Authority of Ireland, the Irish Medicines Board, the Executive Committee of the European Federation of Pharmaceutical Industries and the Board of the Smurfit Graduate School of Business.

Ryanair’s Chairman Stan McCarthy said: “I am pleased to welcome Anne Nolan to the Board as Ryanair’s newest NED.  Anne brings considerable aviation, business and regulatory experience to the role. We all look forward to working with her over the coming years to achieve Ryanair’s ambitious growth and environmental goals.

The Board are also pleased that Michael O’Leary has agreed to extend his leadership of the Ryanair Group to July 2028.  During this time Michael will oversee the Group’s growth to 225m passengers p.a. and, with Board support and oversight, develop the Group’s strategy to the end of the decade.   This contract extension, which involved extensive engagement with large shareholders and proxy advisors, is subject to the adoption of an amended Remuneration Policy which will be tabled at Ryanair’s 2023 AGM.”

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About the Author

Mark is an airline pilot flying the Boeing 737 for a major European airline. In addition he is also a Type Rating Instructor, Type Rating Examiner and Base Training Captain on the B737. Outside of commercial flying Mark enjoys flying light aircraft from the smallest 3 Axis microlights up to heavier singles. He is also an instructor and EASA Examiner on single engines and a UK CAA Examiner. He flies the Chipmunk for the Irish Historic Flight Foundation (IHFF). Mark became the Chairman of the National Microlight Association of Ireland (NMAI) in 2013 and has overseen a massive growth in the organisation. In this role he has worked at local and national levels. In 2015, Mark won ‘Upcoming Aviation Professional Award’ at the Aviation Industry Awards sponsored by the IAA. Mark launched this website back in 2002 while always managing the website, he has also been Editor and Deputy Editor of FlyingInIreland Magazine from 2005 to 2015.



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