Ryanair freezes management pay
Ryanair is freezing the pay of its senior management for 2008 as part of a series of cost-cutting measures, the airline announced today.
The airline said the move was prompted by rising oil prices. Its current $68 per barrel fuel hedges expire on April 1 and oil has since risen by more than $30 a barrel.
Ryanair confirmed that it is reviewing all of its major costs including airports, staffing, fuel and currency exposures and this cost reduction programme will continue over the coming weeks, but said there would be no fuel surcharges on any routes.
Ryanair boss Michael O’Leary said today: "Given the enormous increase in our fuel costs, and the likelihood that profits over the coming year may fall, it is appropriate that Ryanair’s senior management lead this cost reduction programme by example, with a pay freeze in 2008.
"None of Ryanair’s senior management team (comprising of over 30 individuals) will receive any pay increase this year unless the current high oil prices fall, and until we can see some prospect of profits being increased."
