Ryanair boss Michael O’Leary is set to get an £87million bonus despite continuing strikes and plans to cut 700 jobs

Ryanair boss Michael O’Leary is set to get an £87million bonus despite continuing strikes and plans to cut 700 jobs

- in Uk News
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RYANAIR boss Michael O’Leary is in line for an £87million bonus — despite nearly half of its shareholders voting against it.

He will land the huge sum if his budget airline hits profit targets over the next five years.

Getty

Michael O’Leary, CEO of Ryanair, is set to receive a mega £87million bonus if the budget airline hits profit targets over the next five years[/caption]

EPA

He narrowly secured the bonus as half of Ryanair’s shareholders voted against it due to concerns about ongoing strikes and up to 700 job cuts[/caption]

Investors approved the controversial package at an AGM in Dublin yesterday — but it only won support from 50.5 per cent of shareholders.

Many are unhappy with ongoing pilot strikes and under-fire chairman David Bonderman.

Investors argued that Mr O’Leary’s pay packet, made up of share awards, had “no compelling justification”.

He is set for the bonus if income at Ryanair hits €2billion in any year up to 2024, or if the share price tops €21 for at least 28 days bet- ween April 1, 2021 and March 31, 2024.

It comes after Ryanair had one of its worst years in 2018.

Hundreds of flights were axed due to industrial action. The business issued two profit warnings in four months.


It blamed Brexit and lower-than-expected fares.

Mr O’Leary, 58, who is worth around £700million, has announced up to 700 job losses at the airline.

Ryanair said his pay packet was “considerably lower than many other European airline chief executives”.

Alamy Live News

Earlier this month crew workers protested against the closure of four of the airline bases in Spain[/caption]

AP:Associated Press

Last year the airline had one of its worst years yet as hundreds of flights were axed due to industrial action[/caption]


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