Ryanair CEO Michael O'Leary has extended his contract through 2032, the budget airline said on Friday, in a deal that includes a bonus scheme that could see the 65-year-old Irishman earn more than 150 million euros ($172 million).
Ryanair said last month that talks to extend O'Leary's tenure to close to 40 years were almost concluded.
O'Leary has been the dominant force at the airline since taking over as CEO in 1994, transforming it from a small regional carrier to Europe's largest by passenger numbers.
Subject to O'Leary remaining at the group until April 2032, he would be granted the option of buying 10 million shares at 26.70 euros per share if annual profit reached 4 billion euros or if the share price exceeded 42 euros for 28 successive days.
Ryanair last month posted a record full-year post-tax profit of 2.26 billion euros. Its share price stood at 25.70 euros at 1315 GMT, with the strike price in the agreement representing the prevailing market price before the Middle East conflict.
"Achievement of these very ambitious targets would create substantial additional value for all Ryanair shareholders," the airline said in a statement.
O'Leary did not directly answer an analyst when asked last month if this extension would be his last. A previous share option scheme is set to earn him as much as €100 million after Ryanair hit a share price target in his last contract. O'Leary said the payout would be good value compared to the salaries of football stars.
The airline said O'Leary's remuneration, comprising a "modest annual salary and a capped annual bonus", will be tabled at September's annual general meeting for shareholder approval.
