April 14, 2021

O`Leary will cease to be the CEO of Ryanair to preside over a holding company with all the subsidiaries of the low cost

O`Leary will cease to be the CEO of Ryanair to preside over a holding company with all the subsidiaries of the low cost


DublinUpdated:

Ryanair announced Monday that its CEO, Michael O'Leary, will abandon his current duties as manager of the day to day of the airline to move to direct a 'supraestructura' that includes besides Ryanair, Lauda, ​​Ryanair Sun and a British subsidiary, that has created to avoid the problems derived from the 'Brexit', to whose front it will be the next five years.

The uncertainty regarding the "Brexit", the bad results of the last months or the hard negotiations with several European unions they could have bill the manager which will now focus on the group's financial efficiency, its reduction of overhead costs, the acquisition of new aircraft and the search for new "small-scale" business opportunities.

O'Leary, will leave his current position in the next twelve months and will become the 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, which is CEO of Ryanair since 1994, He already announced that it was unlikely that he would continue in front of the company for a long time.

"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 While it is still interesting, 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 five more years after his current contract expired.

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

Ryanair has registered some «red numbers» of 20 million euros in its fiscal third quarter, ended 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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