Ryanair Holdings has confirmed that the group has reached an agreement with group CEO, Michael O’Leary to extend his contract from July 2024 to July 2028. Furthermore, the group has appointed Anne Nolan (former Chair of the Irish Aviation Authority – IAA) to its Board as a Non-Executive Director (NED) with immediate effect.
The Board has agreed a contract extension which will see O’Leary remain as Group CEO until the end of July 2028 (previously July 2024). Under this extended contract the final vesting date for share options granted in 2019 will be extended to 2028 (from 2024), subject to O’Leary remaining in employment with the group until July 2028 and delivering stretched performance targets (incl. raised PAT targets of up to €2.2 billion and/or a share price of €21) which will considerably reward all shareholders if these ambitious targets are delivered. If these targets are not achieved then these share options will lapse and O’Leary will receive nothing other than his basic salary. An amended Remuneration Policy, reflecting these changes, will be tabled at Ryanair’s 2023 AGM.
Nolan is a former Chair of the IAA (from 2010 to 2018) and previously served as Chief Executive of the Irish Pharmaceutical Healthcare Association. She has also served on various boards incl. the Food Safety Authority of Ireland, the Irish Medicines Board, the Executive Committee of the European Federation of Pharmaceutical Industries and the Board of the Smurfit Graduate School of Business. (£1.00 = €1.16 at time of publication).