RYANAIR CEO SIGNS 5 YEAR CONTRACT EXTENSION
24-Oct-2014 Ryanair Holdings Plc today (24 Oct) confirmed that CEO, Michael O'Leary, has signed a new 5 year contract which commits him to the company until September 2019. This new contract replaces a rolling 12 month arrangement under which Mr O'Leary has worked as Chief Executive of the airline since Ryanair Holdings Plc first floated in 1997.
Mr O'Leary has been granted options over 5m ordinary shares, payable at current market prices. However these options will only vest if the airline delivers exceptional performance targets over the next 5 years, which have been set by the Remuneration Committee. Ryanair expects to grow traffic over the next 5 years by 50% from 81m last year to over 120m customers by 2019.
Mr O'Leary has served as Chief Executive of Ryanair since the company floated on the NASDAQ in 1997. During that time, Ryanair's annual traffic has grown from 3m to over 80m customers p.a.