Ryanair’s boss Michael O’Leary is in talks to extend his contract until 2028, as the company said sorry for “mishandling” the press at its AGM this morning.
The chief executive told journalists on Thursday that he was hoping to sign the papers by March, subject to agreement on terms.
O’Leary also apologised after reporters were blocked from attending today’s Ryanair annual general meeting but reiterated the ban for John Mulligan from the Irish Independent.
Journalists attending the conference, which is usually open to the press, were instead escorted to a media room for a post-AGM briefing with O’Leary.
The Ryanair chief executive said his team had “mishandled” the situation and promised a more detailed explanation later on.
During his briefing, the executive said all resolutions on the table had been approved, including the airliner’s annual accounts and remuneration policy.
O’Leary has been at the low-cost carrier Ryanair’s helm for almost three decades, as he was initially appointed Ryanair’s chief executive in 1994.
He transitioned to group chief executive in 2019 and his contract is set to expire at the end of July 2024.
For the year ended 31 March, the CEO’s annual salary amounted to €950,000 – €500,000 basic salary plus a €475,000 bonus.
In its latest annual report, Ryanair reported that O’Leary had taken a 50 per cent cut to both his basic annual salary for the 2019-2024 period, going down from €1m to €500,000.
Additionally he agreed to cut in half his maximum annual bonus.
During the pandemic, the Irish businessman took a further voluntary cut to his salary, going down to €250,000 but following the restart of operations, he went back to €500,000.
City A.M. has approached Ryanair for further comment.