Ryanair extends Michael O'Leary's contract to 2032, with a share bonus that could top €150 million

Contract extension

Ryanair has extended chief executive Michael O'Leary's contract until April 2032, the group announced on 19 June. The 65-year-old Irishman has led the airline since 1994 and will have spent 38 years at the helm when the new term expires, making him one of the longest-serving CEOs in aviation. The deal follows months of negotiations and extensive consultation with the carrier's largest shareholders.

Bonus scheme and targets

The compensation package comprises a "modest annual salary" of €1.2 million and a capped annual bonus equal to at most 50% of base pay. The centrepiece is a one-off option on 10 million ordinary shares, exercisable at €26.70 per share, the level before the recent Iran war hit the stock. To vest in full, Ryanair's after-tax profit must exceed €4 billion, or the ordinary share price must close at or above €42 for 28 consecutive days by 31 March 2032.

Achievement of these very ambitious targets would create substantial additional value for all Ryanair shareholders.

The share-based award could be worth over €150 million, according to BBC calculations, and BFMTV estimates the holding at €153 million. O'Leary already owned approximately 44.1 million Ryanair shares as of March 2025, a stake worth more than €1 billion.

A surprising U-turn

The extension caught many by surprise. In December 2025, O'Leary told the Financial Times he planned to hand over to a successor "nicer" than himself.

Ryanair would be better off without someone who spends his time shouting, swearing and causing trouble.

That remark, and the subsequent decision to stay, reinforce his iconoclastic reputation in an industry that usually prizes diplomatic restraint.

Chairman's comment

Ryanair chairman Stan McCarthy confirmed the board had started discussions in the spring and welcomed the outcome.

I am pleased to report that this process, which included extensive engagement with Ryanair's largest shareholders, has successfully concluded with Michael agreeing to extend his leadership of the Ryanair Group for the next six years to April 2032, for the benefit of all shareholders.

Key moments from O'Leary's long tenure are summarised below.