Michael O'Leary rakes in €3.5M from Ryanair for last year

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Ryanair's group chief executive Michael O'Leary walked away with a €958,000 salary for last year.

The airline's annual report for the year ending March 31st showed that Mr O'Leary was paid his basic salary of €500,000, along with a bonus of €458,000 as reported in The Irish Times.

Mr O'Leary will receive a further €2.51 million due to his share options, some of which he will only receive if the companies share or profit targets are met.

The €2.51 million includes a €730,000 charge for five million share options from October 2019 and €1.78 million for over 10 million shares Mr O'Leary received while negotiating a new contract in February 2019.

In April, Mr O'Leary agreed to half his salary to €250,000 in response to the pressure placed on the company due to Covid-19 travel restrictions.

Ryanair's fleet was grounded earlier this year as the virus spread through Europe, causing the company €185 million loss in the first three months of the year.

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From mid March to the end of June Ryanair traffic was down by 99%, with only half a million customers flying with the airline compared to 42 million last year.

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