Ryanair is negotiating with Michael O’Leary to extend his contract beyond 2028, keeping the chief executive in charge until April 2032. If approved, he would remain at the airline until age 71.
The Irish low-cost carrier said talks are close to being finished and it will begin discussions with major institutional shareholders in the coming days. The proposed extension would also include an option to buy 10 million shares if ambitious profit or share price targets are met.
The move would lengthen one of the longest-running chief executive tenures in European aviation. It comes as Ryanair continues to report strong financial results and expand its influence across the continent.
Ryanair said the current contract for Michael O’Leary runs until 2028. The company wants to keep him in post for another four years, with the latest deal potentially lasting until April 2032.
The airline said: “Las conversaciones están prácticamente concluidas y en los próximos días se iniciará el diálogo con los principales accionistas institucionales del grupo”.
It also said the new arrangement would include an option to buy 10 million shares, but only “si se alcanzan objetivos muy ambiciosos de beneficio neto o de crecimiento del precio de las acciones”.
Translated into English, the company said the option could be exercised only if very ambitious net profit or share price growth goals are achieved. It added: “Se proporcionará más información a su debido tiempo”.
O’Leary has led Ryanair since 1994 and has become one of the most recognisable figures in European air travel. Under his leadership, the airline built a business model centred on low fares, high aircraft utilisation and aggressive cost control.
The planned extension follows a period of strong performance for the carrier. Ryanair recently reported the highest profit in its history, amounting to 2.26 billion euros, underlining the scale of its current commercial success.
The company has not yet given a final timetable for the agreement, but the wording of its statement suggests the board expects progress soon. The airline is now preparing to engage its largest shareholders as it seeks support for the extension.
O’Leary’s possible stay until 2032 would take him well past the age at which many executives step aside. It would also signal continuity for Ryanair as it faces ongoing competition, volatile fuel costs and demand shifts across the European market.
For investors, the proposed share option may be a key part of the package. The 10 million shares would only be available if Ryanair achieves what the company described as highly ambitious performance targets, linking pay directly to long-term results.
The airline has not disclosed the full financial terms of the new contract. It said further details would be released later, once discussions with shareholders move forward.
If approved, the extension would keep one of the industry’s most outspoken executives at the helm for nearly four decades after he first took control. It would also ensure Ryanair maintains a leadership style that has shaped both the carrier and the wider budget airline market.
