Ryanair Holdings PLC (LSE:RYA) boss, Michael O'Leary has agreed to extend his contract to 2028 in a deal that will also extend a bonus scheme that could earn him close to €100mln.
The flamboyant 61-year-old has repeatedly said in recent years that he had no plans to retire and in September said he hoped to soon reach a deal on extending his contract beyond its expiry in 2024.
He has led the airline since 1994.
"The Board are ... pleased that Michael O'Leary has agreed to extend his leadership of the Ryanair Group to July 2028," the airline's chairman Stan McCarthy said in a statement.
The decision followed "extensive engagement" with large shareholders and proxy advisors.
The extension of the contract and bonus scheme will be subject to shareholder approval, he said.
As part of his 2019 contract, O’Leary was given the option of buying 10mln of Ryanair shares at around €11 per share if he increased the company’s annual profit after tax to €2bn – or €21 per share. This would have led to a €100mln bonus.
The 2019 terms have now been extended to the summer of 2028 and are dependent on the chief executive reaching a €2.2bn profit target.
“If these targets are not achieved then these share options will lapse and Michael O’Leary will receive nothing other than his basic salary,” the carrier said in a statement.