Ryanair extends CEO's contract until 2032

Ryanair's long-serving CEO, Michael O'Leary, will continue to lead the Irish airline until April 2032, following a contract extension announced by the company's board. O'Leary, who has been at the helm since 1994, will be 71 years old by the end of the new contract period.

The agreement includes a "modest" annual salary and bonus, according to a Ryanair press release. More significantly, O'Leary has been granted an option to purchase 10 million Ryanair shares at a price of €26.7 per share. This incentive is tied to performance metrics.

To exercise the share option, O'Leary must achieve either an annual after-tax profit of €4 billion or maintain the company's share price at €42 or above for at least 28 consecutive days. If the latter condition is met and the share value holds, the options could secure him a profit exceeding €153 million, which translates to over 1.1 billion Danish kroner.

O'Leary already holds approximately 4% of Ryanair's shares, making him a paper billionaire. This contract extension and share option package underscore his continued importance to the airline's strategy and financial performance.