Ryanair CEO Michael O’Leary Poised for €100m Bonus as Share Price Hits Key Milestone

Ryanair CEO Michael O’Leary is on course to receive a share-based bonus worth over €100 million, one of the largest executive pay-outs in European corporate history, after the airline’s stock sustained a critical performance benchmark.

The low-cost carrier’s shares closed above €21 for the 28th consecutive trading day on Thursday, fulfilling one of the key conditions of O’Leary’s long-term incentive scheme. If he remains in his role until July 2028, the Irish executive will be entitled to acquire 10 million Ryanair shares, currently valued at approximately €111.2 million.

In a recent analyst call, O’Leary defended the sizeable incentive, claiming shareholders were reaping considerable rewards. “We’re delivering exceptional value for Ryanair shareholders in an era when premiership footballers or managers are getting paid 20 to 25 million a year,” he said.

Ryanair clarified in a statement that the bonus hinges on two conditions: the sustained share price performance and continued employment through July 2028. “These share options won’t vest for another three years,” the airline noted.

O’Leary, who joined Ryanair in 1988 and became CEO in 1994, has been widely credited with transforming the airline into Europe’s dominant budget carrier. Although his current contract runs until 2028, he has hinted at the possibility of extending his tenure.

“There’ll have to be some discussion with the board on how my remuneration will be structured if they want me to stay beyond 2028,” he added.

The €100 million bonus scheme was initially introduced in 2019 when O’Leary assumed the role of Group CEO. However, the High Pay Centre, a UK-based think tank, criticised the scale of the award. “No individual’s contribution—no matter how effective—justifies a €100m payout,” it stated, highlighting the disparity between executive pay and average staff earnings.

Ryanair’s closest competitor, Wizz Air, has a similar incentive structure in place for its CEO József Váradi, who could earn £100 million if the airline’s share price hits £120 by 2028. However, the company has admitted this target is unlikely given current market levels.

Despite the positive outlook for Ryanair’s leadership, tensions remain with its workforce. Earlier in May, the airline demanded that some Spanish flight attendants repay wage increases after a legal dispute involving their union.