Ryanair extends CEO O'Leary's contract to 2032 with possible €150 million bonus

Ryanair CEO Michael O'Leary has extended his contract to 2032, with a bonus scheme potentially earning him over €150 million, subject to certain profit and share price conditions.

Ryanair CEO Michael O'Leary has extended his contract ‌to 2032, the budget airline said on Friday, in a deal which includes a bonus scheme that could earn the 65-year-old Irishman more than €150 million ($172 million). Ryanair said last month that talks to extend O'Leary's ‌tenure to close to 40 years were almost concluded. O'Leary has been the dominant force at the ‌airline since taking over as CEO in 1994, transforming it from a small regional carrier to Europe's largest by passenger numbers.

Subject to O'Leary remaining at the group until April 2032, he would be granted the option of buying 10 million ⁠shares at €26.70 ​per share if annual ⁠profit reached €4 billion or if the share price exceeds €42 for 28 successive days. Ryanair last month posted a record full-year post-tax ⁠profit of €2.26 billion. Its share price stood at €25.70 at 1315 GMT, with the strike price in the agreement representing ​the prevailing market price before the Middle East conflict.

"Achievement of these very ambitious targets would ⁠create substantial additional value for all Ryanair shareholders," the airline said in a statement. O'Leary did not directly answer an analyst when ⁠asked ​last month if this extension would be his last. A previous share option scheme is set to earn him as much as €100 million after Ryanair hit a share price target in his ⁠last contract. O'Leary said the payout would be good value compared to the salaries of football stars.

The ⁠airline said O'Leary's remuneration, ⁠comprising a "modest annual salary and a capped annual bonus", will be tabled at September's annual general meeting for shareholder approval. ($1 = 0.8725 euros)