The boss of Ryanair is just days away from qualifying for a €100m (£84m) bonus as the airline’s shares cruise at record highs.
Michael O’Leary, the budget carrier’s chief executive, will qualify for the payout if the company’s stock price remains at €21 or higher for at least 28 consecutive days.
They have now been at that level since May 2 – or 24 days – suggesting the airline boss could fulfil the terms within a week if the performance continues.
Mr O’Leary acknowledged the “possibility” of the payout last week and defended it, saying: “I think we’re delivering exceptional value for Ryanair shareholders in an era when premiership footballers and managers are paid €20m to €25m a year.”
Ryanair’s share price soared to a record last week after the airline reported a €1.6bn profit for the year to the end of March, a drop of 16pc compared to the previous year. At the same time, the company announced a €750m share buyback scheme.
It comes after Ryanair was ranked the “worst short-haul airline” by consumer champion Which?.
The carrier was criticised for seat comfort, boarding experience, food, cabin environment and cleanliness, as well as “mediocre” value for money.
However, Ryanair said last week that its air fares would rise by 5-6pc this year, after blaming the drop in annual profits on cuts to ticket prices.
Mr O’Leary has been at the controls of Ryanair since 1994 and is credited with leading the airline through its transformation into Europe’s biggest no-frills carrier.
The 64-year-old is one of Ireland’s richest businessmen, with an estimated fortune of $1.1bn (£812m) according to Forbes, and owns a collection of racehorses.
He would not receive the bonus payment until 2028, and only if he stays with the company until then, under the terms of his contract.
It was first agreed as part of his pay package in 2019 and was rolled over when his contract was extended by five and a half years in 2022.
Previously, the longest stretch the company’s shares had been over the threshold was just five days, in March 2024.
However, Mr O’Leary sounded cautious about his prospective payout when asked about it last Monday, noting that “a lot can happen between now and then”.
Mr O’Leary’s bonus payout has been criticised by some because of alleged corporate governance concerns.
Analysts at Barclays warned that decisions to initiate share buybacks by Ryanair’s board – on which Mr O’Leary sits – could in theory push the shares closer to the required value.
Ryanair was approached for comment.
