Ryanair facing revolt as boss O’Leary set to net €99m pay

Darren Wood
By Darren Wood September 20, 2019 09:29

Ryanair facing revolt as boss O’Leary set to net €99m pay

Investors in Ryanair have registered a major protest vote after it was revealed that long-serving chief executive Michael O’Leary was granted a bonus that could be worth as much as €99m.

Under the deal, O’Leary stands to make €99m from stock options if he doubles Ryanair’s profit or share price.

The airline revealed that just 50.5%, voted in favour of the company’s remuneration report.

Earlier this year, O’Leary signed a new contract to stay on as chief executive until 2024. O’Leary recently stepped aside as the CEO of the group’s main airline with Eddie Wilson succeeding in the role.

Investors also voted in large numbers to dispute the re-election of longtime chairman David Bonderman, despite an ongoing management overhaul that will see him step down next summer.

This revolt is the latest in a long line of difficulties that the airline has faced recently as the airline is facing more strike action from pilots and is cutting jobs.

A statement from the airline said: “Ryanair is, and will continue, to consult with its shareholders and we will report back to them over the coming year on how the board will adapt its decision-making to reflect their advice and input on all these topics.”

Darren Wood
By Darren Wood September 20, 2019 09:29