Ryanair extends Michael O'Leary's contract to April 2032 in performance-linked six-year deal

Ryanair has secured Michael O'Leary as chief executive until April 2032, with the board of Ryanair Holdings approving a new six-year contract on 19 June 2026 following extensive consultation with the airline's largest shareholders.

According to AeroTime, the agreement includes a modest annual salary, a capped bonus structure and a one-off share option award entitling O'Leary to purchase 10 million ordinary shares, subject to strict performance conditions. The options become exercisable only if he remains with Ryanair until April 2032 and one of two targets is met before 31 March 2032: annual profit after tax exceeding €4 billion, or Ryanair's ordinary share price reaching €42 or its American Depositary Receipt price exceeding $102 (€93) for 28 consecutive trading days. The strike price has been set at €26.70 per share, or $65 (€60) per ADR. Analysts estimate the package could be worth more than €150 million if all conditions are satisfied.

Ryanair chairman Stan McCarthy said the process had included extensive engagement with the company's largest investors. "This process 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," he said. An updated remuneration policy will be presented to investors for an advisory vote at Ryanair's 2026 annual general meeting.

O'Leary, 65, has led Ryanair since 1994, overseeing its growth from a small Irish carrier into one of the world's largest aviation groups, now transporting more than 200 million passengers annually with one of the industry's youngest and most fuel-efficient fleets.

By the time the agreement concludes in 2032, O'Leary will have led Ryanair for almost 38 years, placing him among the longest-serving chief executives in global aviation history.

The extension provides leadership continuity as the airline navigates volatile fuel prices, geopolitical uncertainty and intensifying competition across European short-haul markets, while progressing fleet expansion, sustainability programmes and further network growth across the continent.

The performance-based structure of the contract reinforces Ryanair's long-standing practice of linking executive compensation directly to shareholder value creation, a model the airline has applied consistently across its remuneration framework.

Read the full contract details and shareholder engagement process in the complete article.