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20 Sep 2018

BY Rob Gill

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TRFBLI

Ryanair boss O’Leary may not agree new five-year term

Chief executive Michael O’Leary has said he may not sign up to a new five-year contract to continue as the airline’s chief executive.

Michael OLeary, director and CEO of Ryanair

During Ryanair’s annual general meeting, O’Leary said he would rather move to a rolling 12-month contract “at some point” due to his age. Although he added that Ryanair’s board were keen for him to sign another five-year agreement.

 

O’Leary, who is 57, has been in charge of the Irish low-cost carrier since 1994 and his current contract is set to expire in September 2019. He added that his preference was for a possible two or three-year contract followed by a 12-month rolling deal.

 

Ryanair shareholders approved all resolutions at the AGM, including a 98.5% vote in favour of re-electing O’Leary to the board.

 

But some investors showed their dissatisfaction with the company, which has been hit by a series of strikes in recent months, by re-electing chairman David Bonderman with a lower margin than last year with 70.5% votes in favour of his re-election.

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