Ryanair chief executive Michael O’Leary lost out on almost €1 million last year after waiving his bonus as a result of the budget carrier’s pilot rostering failure.
The decision came despite record revenues of €7.15 billion, profits of €1.45 billion and passenger numbers of 130 million in 2017-18, according to the airline’s annual report.
The airline boss’s overall pay fell by 29% from €3.25 million to €2.30 million last year. The total was made up of €1.058 million in basic pay and €1.25 million in shares.
His bonus payment was €950,000 in 2016-17.
Ryanair does not pay into O’Leary’s pension or give other benefits, which the report states “is in keeping with the low-cost ethos of the airline”.
He signed a contract in October 2014 that commits him to the airline until September 2019. His 3.9% stake in the airline was worth €616 million, The Times reported.
The annual report refers to the “systematic failure in our pilot rostering function”. The failure led to the cancellation of 2,000 of the 130,000 flights scheduled in September and October.
Ryanair has faced strikes by crew in Ireland, Spain, Italy, Portugal and Belgium in recent weeks. O’Leary has threatened to move more jobs to Poland if the industrial action continues.