Ryanair boss Micheal O’Leary has agreed to stay at the helm of the Irish no-frills carrier for an additional four years.
The 61-year-old will remain as group chief executive until July 2028 under a contract extension from summer 2024.
The decision was confirmed by the board of the airline following “months of discussions and extensive engagement with larger shareholders”.
O’Leary, who became chief executive in 1994 and took up an extended group role in 2019, has been tasked with delivering “stretched” performance targets of up to €2.2 billion in annual profits “which will considerably reward all shareholders if these ambitious targets are delivered”.
A Ryanair Holdings statement added: “If these targets are not achieved then these share options will lapse and Michael O’Leary will receive nothing other than his basic salary.”
An amended remuneration policy to reflect the changes will be tabled at Ryanair’s 2023 annual meeting.
At the same time, Ryanair confirmed that former Irish Aviation Authority chair Anne Nolan had been appointed as a non-executive director.
Ryanair chairman Stan McCarthy said: “I am pleased to welcome Anne Nolan to the Board as Ryanair’s newest non-executive director. Anne brings considerable aviation, business and regulatory experience to the role. We all look forward to working with her over the coming years to achieve Ryanair’s ambitious growth and environmental goals.
“The board are also pleased that Michael O’Leary has agreed to extend his leadership of the Ryanair Group to July 2028.
“During this time Michael will oversee the group’s growth to 225 million passengers p.a. and, with board support and oversight, develop the group’s strategy to the end of the decade.
“This contract extension, which involved extensive engagement with large shareholders and proxy advisors, is subject to the adoption of an amended remuneration policy which will be tabled at Ryanair’s 2023 AGM.”