Ryanair Holdings has agreed a new contract with Michael O’Leary which will see him continue as Group Chief Executive until April 2032. The company's board announced this on June 19.
The agreement concludes several months of discussions between the board and O’Leary, as well as extensive dialogue with Ryanair’s largest shareholders.
The new contract includes a moderate annual salary and a limited annual bonus. In addition, O'Leary is entitled to a new one-off option to purchase 10 million ordinary shares in the company.
The options can be exercised at a strike price of €26.70 per share, or $65 per ADR. This corresponds to the market price in February 2026, before the recent price drop that Ryanair attributes to the war in Iran.
For the options to be exercised, O’Leary must remain with the company until April 2032. Furthermore, Ryanair’s full-year after-tax profit must rise above €4 billion for full vesting, or the price of Ryanair’s ordinary shares or ADRs must exceed €42 or $102 respectively for 28 consecutive days up to 31 March 2032.
Ryanair describes the goals as very ambitious and highlights that their achievement would create significant additional value for shareholders.
– I am pleased to report that the process has now been completed and that Michael has agreed to extend his leadership of the Ryanair Group by a further six years, until April 2032, for the benefit of all shareholders, says Ryanair Chairman Stan McCarthy in a statement.
An updated remuneration policy, reflecting the new terms for O’Leary, will be put forward for an advisory vote at Ryanair’s 2026 AGM.
