3 NOVEMBER 2014
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Controversial and sometimes uncouth, Michael O’Leary, CEO of Ryanair, has committed to remain with the Irish budget carrier until September 2019. He had previously spoken of a departure “within the next couple of years”.
O’Leary has already accrued 17 years as CEO of Ryanair, a position which he took up when the airline floated shares publicly in 1997. In a statement, Ryanair confirmed that O’Leary has switched from a 12-month rolling contract to a five-year agreement “which commits him to the company until September 2019.”
Ryanair added: “Mr. O’Leary has been granted options over five million ordinary shares, payable at current market prices. However, these options will only vest if the airline delivers exceptional performance targets over the next five years, which have been set by the remuneration committee.”
Under O’Leary’s leadership, Ryanair has grown from carrying 3 million annual passengers to over 80 million passengers per year. Over the next five years, it is aiming to grow by another 50% to carry more than 120 million annual passengers by 2019. www.ryanair.com
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