Ryanair Holdings has agreed a new contract that will keep Michael O’Leary as Group CEO until April 2032, the airline confirmed on June 19, 2026.
The deal extends the leadership of Europe’s largest airline group by close to six years and concludes what the board described as months of talks with O’Leary and the company’s largest shareholders.
O’Leary has run Ryanair since 1994 and became Group CEO in April 2019. His previous contract, renewed in December 2022, was due to expire in July 2028.
Share options tied to ambitious targets
The new contract pairs a modest annual salary and a capped annual bonus with a one-off option to buy 10 million ordinary shares. Ryanair set the strike price at €26.70 ($65.00), matching the company’s share price in February 2026, before the recent fall the airline attributed to the war in Iran.
The options vest only if O’Leary stays with the group until April 2032 and the company hits demanding financial goals. Full vesting requires annual profit after tax above €4 billion, or for Ryanair’s ordinary shares or US depositary receipts to trade above €42 or $102, respectively, for 28 consecutive days before March 31, 2032. Ryanair said achieving these targets would create substantial additional value for all shareholders.
The thresholds run well above those in O’Leary’s previous incentive plan, introduced in 2019, which carried a strike price of €11.12 and vested on profit after tax of €2.2 billion or a share price above €21. That plan’s share price condition was met in May 2025.
Vote due at 2026 AGM
Chairman Stan McCarthy said the process had concluded with O’Leary agreeing to extend his leadership “for the benefit of all shareholders,” following extensive engagement with the company’s largest investors. An amended remuneration policy reflecting the new terms will go to an advisory vote at Ryanair’s 2026 annual general meeting.