Michael O’Leary, the iconic chief executive who transformed Ryanair from a minor regional player into Europe’s undisputed leading low-cost airline after taking the role in 1994, has committed to leading the group for another six years, with his new contract now running through to April 2032. The agreement includes a lucrative performance-linked bonus scheme that could see O’Leary take home total compensation exceeding €150m, the Irish airline confirmed in an official statement.
Under the terms of the new deal, O’Leary will be eligible to exercise options to purchase 10 million Ryanair shares at a fixed strike price of €26.70 per share — a payout that will only activate if the company hits one of two demanding performance milestones. The options unlock if Ryanair achieves an annual group profit of €4 billion, or if its traded share price holds above €42 for 28 consecutive trading days. Ryanair emphasized that meeting these aggressive targets would generate significant long-term value gains for every investor holding shares in the company.
Group chairman Stan McCarthy revealed that the Ryanair board first opened contract discussions with O’Leary earlier this spring, and the negotiation process included in-depth consultations with the airline’s largest institutional shareholders to align on terms. McCarthy noted in his comment that the process concluded successfully, with O’Leary agreeing to extend his tenure to drive the group’s ongoing growth, a outcome that McCarthy said delivers benefits to all Ryanair stakeholders.
This latest bonus arrangement marks the second major performance payout O’Leary has been in line for in recent years. Last year, public reports confirmed that O’Leary was set to collect bonuses worth more than €100m after Ryanair shares closed above €21 per share for a 28th consecutive trading day in May 2025, meeting the performance threshold tied to his previous 2010s-era incentive scheme.