O’Leary gets 23% pay rise as Ryanair profits drop 10%
02.08.08
Michael O'Leary, chief executive of Ryanair, got a 23% pay rise in 2008 as the airline's profit dropped 10%, the Herald Tribune reports. The outspoken boss's pay for the year ended March 31, including salary, bonus and pension contributions, increased to €1.21 million, from €992,000 a year earlier, according to the airline's annual report published yesterday.
Ryanair said on Monday that it may post its first loss since going public in 1997 this year as it struggles with high oil prices and weakening consumer spending. Shares in the budget airline are down 48% this year. Net income fell 10% to €390.7 million in 2008 as it wrote down the value of its stake in Aer Lingus.
The airline is freezing pay for 36 senior managers this year, including Mr O'Leary, to cut costs. His bonus payment will be reduced, according to the annual report.
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