Ryanair CEO Michael O’Leary will remain at the helm of Europe’s largest low-cost airline through 2032 under a new contract extension. This extension could earn him a bonus package worth more than 150 million euros, as the carrier continues its long-term strategy of incentivising senior leadership with performance-linked share awards tied to profit growth and sustained market performance.
New Ryanair Contract
The airline announced that O’Leary, who has led Ryanair since 1994, agreed to extend his leadership of the company for an additional six years. During his tenure, Ryanair has grown from a small regional carrier into Europe’s dominant budget airline.
Under the agreement, O’Leary will be eligible to purchase 10 million Ryanair shares at 26.70 euros each if he remains with the company until April 2032 and meets specific performance targets.
The incentive would be triggered if Ryanair achieves annual profits of 4 billion euros or if the airline’s share price exceeds 42 euros for 28 consecutive trading days.
Ryanair said the targets are ambitious and would generate significant value for shareholders if achieved.
Board Backs Long-Term Leadership
Ryanair Chairman Stan McCarthy said the company’s board began discussions with O’Leary earlier this year regarding the future of his contract.
McCarthy said the process included extensive consultation with the airline’s largest shareholders before reaching an agreement that keeps O’Leary in charge through April 2032.
The extension comes after O’Leary was reported to be on track for bonus payments worth more than 100 million euros. That milestone was reached after Ryanair shares closed above 21 euros for a 28th consecutive trading day in May 2025, satisfying a key performance condition tied to his compensation package.
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