Aim high: Michael O’Leary from Ryanair received a salary of 975,000 euros and bonuses

Ryanair boss Michael O’Leary has seen his voluntary Covid-era pay cut restored as he received €975,000 in wages and bonuses, according to the budget airline’s latest annual report.

The outspoken Ryanair boss suffered a 74 per cent hit on his combined base pay and bonus during the pandemic-stricken 2020-21. With a base salary of 250,000 euros, he received no bonus.

Now, the airline’s 2022 annual report shows that Mr O’Leary’s salaries returned to pre-pandemic levels in the 12 months to the end of March this year after the airline extended bonuses to its CEO with a payout of £475,000 € had recovered.

Mr O’Leary had voluntarily foregone half of his €500,000 base salary at the start of the pandemic in 2020.

The annual report shows that Mr O’Leary’s base salary was restored to pre-Covid levels in the 12 months to the end of March 2022.

The combined base salary and bonus payment of €975,000 in the last year compared to a combined salary and bonus payment of €958,000 in the 12 months ended March 2020.

In total, Mr. O’Leary’s total salary package for fiscal year 2022 was €2.76 million and the report states that the salary package for 2022 includes a non-cash technical accounting fee of €1.78 million for 10 million unvested stock options , which were granted under Mr. O’. Leary’s new five-year deal in February 2019.

According to the report, up to half of Mr. O’Leary’s bonus was related to a target of 100 million passengers, and since actual traffic was 97.1 million, Mr. O’Leary received a €225,000 bonus for traffic growth.

The remaining €250,000 in bonus payments were awarded for customer service and environmental goals set by the airline’s remuneration committee.

Ryanair’s revenue nearly tripled to €4.8 billion in the 12 months to the end of March this year and the airline’s pre-tax loss has more than halved from €1.1 billion to €430 million.

Ryanair’s Irish revenue almost tripled from €81m to €229.6m.

Mr O’Leary said Ryanair had significantly increased its market share in Ireland and “based a record 33 aircraft in Dublin for the summer of 2022 in support of the Irish Government’s visionary Covid recovery incentive scheme”.

Ryanair received €82m in various European Covid-19 payroll schemes last year after the airline received €84m under this heading in financial year 2021. The total number of employees was 19,116.

https://www.independent.ie/business/flying-high-ryanairs-michael-oleary-received-975000-in-wages-and-bonuses-41869973.html Aim high: Michael O’Leary from Ryanair received a salary of 975,000 euros and bonuses

Fry Electronics Team

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