Ryanair's CEO has won approval from a majority of the company's shareholders to give himself a 100 million euro (£81 million) bonus over five years if he meets his targets, while also announcing that 700 pilots will be laid off, Reuters reports.

To receive his bonus, Michael O'Leary must double the low-cost airline's profits to 2 billion euros annually and/or increase the share price to 21 euros per share.

”"I think most shareholders would see it as if he doubles the share value, we don't care what you pay him for the next five years," said Michael O'Leary, who was disappointed that only 50.5 percent of shareholders supported the bonus package.

Several pilot strikes have been carried out and announced in several different European countries during the year.

Ryanair has approximately 17,000 employees across Europe.

On Thursday, Ryanair also announced that it was freezing payments to Boeing due to the continuing problems with the disaster plane 737 Max 8.

Source: di.se