Ryanair’s boss Michael O’Leary has seen his contract extended until July 2028, in a deal that could make him earn up an extra €100m (£86.3m).
Chairman Stan McCarthy said the contract extension was reached following “extensive engagement with large shareholders and proxy advisors,” but will still be subjected to shareholder approval.
As part of his 2019 contract, O’Leary was given the option of buying 10 million of Ryanair shares at around €11 per share if he increased the company’s annual profit after tax to €2bn – or €21 per share. This would have led to a €100m bonus.
The 2019 terms have now been extended to the summer of 2028 and are dependent on the chief executive reaching a €2.2bn profit target.
“If these targets are not achieved then these share options will lapse and Michael O’Leary will receive nothing other than his basic salary,” the carrier said in a statement.
Ryanair’s share are currently up 1.5 per cent to €13.1.
The chief executive – who has said numerous times he wasn’t looking to retire – said in September he hoped to sign the papers by March, City A.M. reported.