April 16, 2021

Michael O'Leary will leave the daily management of Ryanair – The Province

Michael O'Leary will leave the daily management of Ryanair - The Province

Ryanair announced today that its CEO,Michael O'Leary,will abandon his current duties as manager of the day to day of the airline to proast to direct a 'supra-structure'which includes in addition to Ryanair, Lauda, ​​Ryanair Sun and a British subsidiary, which has created to overcome the problems arising from the 'Brexit', which will be facing the next five years.

Theuncertainty in front of 'Brexit',the bad results of recent months or the harsh negotiations with several European unions could have taken their toll on the managernow it will focus on the financial efficiency of the group, on its reduction of general costs,in the acquisition of new aircraft and in the search for new "small-scale" business opportunities.

O'Leary, will leave his current position in the next twelve months and will becomethe CEO of its four subsidiaries:Ryanair DAC, Laudamotion, Ryanair Sun and Ryanair UK. Each of these four airlines will be led by its own director, while O'Leary will lead the group structure in a formula similar to that of IAG, as recognized by the Irish company itself.

The company has already started work to find a new CEO for Ryanair.In addition, the current president of the company, David Bonderman, will remain in his post for another year until summer 2020, when he will be relieved by Stan McCarthy, former CEO of the food Kerry Group.

At the last general meeting of Europe's largest low-cost airline, O'Leary, who is CEO of Ryanair since 1994, already announced that it was unlikely that he would remain in front of the company for long.

"I have no idea when I'll have had enough. I like to work for this company.I do not do it for the salary I receive. But as long as it remainsinteresting, fun and challenging,I see no reason not to continue trying to lead it and take it forward positively, "said O'Leary, who nevertheless said he was not sure he wanted to lead her for another five years after his current contract expired.

O'Leary was re-elected CEO of Ryanair at the annual general meeting, with 98.5% of the votes cast in his favor,despite the opposition of the majority of pilotsand that several of the investors expressed their frustration over the strikes they faced last year.

Ryanair has registeredsome 'red numbers' of 20 million euros in its fiscal third quarter,ended on December 31, compared to the net profit of 105.6 million euros reported in the same period of the previous year, excluding the accounts of its Austrian subsidiary Laudamotion.


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