Ryanair boss Michael O'Leary has done what any reasonable person would do when offered a pile of money: he signed a contract extension through 2032, complete with a bonus scheme that could net him over €150m (£130m). Because why stop at being Europe's largest low-cost carrier when you can also be one of its best-compensated executives?
Since taking the CEO seat in 1994, O'Leary has transformed Ryanair from a modest regional airline into a behemoth that makes you pay extra for breathing. If he sticks around until April 2032, he gets the option to buy 10 million shares at €26.70 each - but only if annual profit hits €4 billion or the share price stays above €42 for 28 consecutive days. No pressure, shareholders.
"Achievement of these very ambitious targets would create substantial additional value for all Ryanair shareholders," the company said in a statement, which is corporate-speak for "we're betting big on Michael not retiring to a beach."
Chairman Stan McCarthy revealed that the board "commenced discussions" with O'Leary in spring, which apparently means they spent months figuring out how to keep him from walking away. "This process, which included extensive engagement with Ryanair's largest shareholders, has successfully concluded with Michael agreeing to extend his leadership... for the benefit of all shareholders," McCarthy added, presumably without a hint of irony.
This isn't O'Leary's first rodeo with eye-popping bonuses. Last year, reports indicated he was on track to pocket over €100m after Ryanair's shares stayed above €21 for 28 straight days in May 2025. So yes, the man knows how to hit a target - especially when that target is a swimming pool filled with cash.