Ryanair boss Michael O’Leary sees pay packet jump to $5 million as he chases 9-figure bonus

The 63-year-old Ryanair boss’s pay deal jumped to €4.7 million ($5 million) this year due to an improved base salary and rising profits at his budget airline. 

Ryanair’s latest annual results show O’Leary’s base salary rose to €1.2 million ($1.3 million) in 2024, while his maximum bonus fell to 50% of his annual salary, down from 100% last year. The switch is part of an updated contract that is set until 2028.

That agreement landed O’Leary a €590,000 bonus and €2.89 million from a non-cash, technical accounting charge. 

The airline’s profits rose to €1.92 billion ($2.06 billion) last year, a 45.8% jump from 2023. Revenues were up to €13.4 billion ($14.4 billion).

O’Leary’s pay deal

O’Leary’s salary has been a hot topic in the CEO compensation space. He will bag a €100 million ($108 million) bonus if Ryanair’s shares stay above €21 for 28 consecutive days. 

The group’s share price briefly floated above that magic number in April but has since declined and stands at around €16.50 as of June 28. O’Leary can also secure the bumper bonus if Ryanair’s profits exceed €2.2 billion. 

The outspoken airline CEO has defended his salary in the past, comparing uproar over pay with the deals enjoyed by Manchester City’s and Liverpool’s managers in the Premier League. 

“Footballers are getting half a million a week. Pep, who I think is a genius and deserves every penny, is getting £25 million a year, Klopp too—and nobody says boo,” O’Leary told the Telegraph in April. “Yet some guy running a serious business employing 20,000-plus people gets paid £5 million or £10 million, and it’s suddenly excessive.”

Speculation over O’Leary’s pay packet is perhaps so hot because his competitors’ bosses are much less likely to enjoy similar rewards soon. Shares at EasyJet have plunged in the last 12 months, while Ryanair has risen following increased bookings.

Wizz Air CEO Jozsef Váradi also defended his prospective $127 million bonus cap in May, saying he wouldn’t be the only person who would benefit from performance-related remuneration. He name-checked other executives and his employees as potential beneficiaries.

Váradi decried his decision to lay off 20% of his workforce during the COVID-19 pandemic, saying it hit staff morale and led to a struggle to recruit as demand returned to the aviation industry.

Shares in Wizz Air have declined 20% in the last year.