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The
bonus scheme, which requires him to either double the
profitability or share price of the carrier within five years,
was backed by 50.5% of votes at a shareholder meeting.
O'Leary said he was making very significant progress with unions
but said the airline has a surplus of 500 pilots and he was
planning between 500-700 job losses, which may include Dublin
where the company has its headquarters.
He said some staff were being offered 12-months unpaid leave
while for others, compulsory redundancies could be announced in
the coming weeks.
The company has about 17,000 employees across Europe and warned
in July that it could cut as many as 900 jobs.
O'Leary in February said he would stay for another five years at
Europe's largest low-cost airline, whose share price has roughly
halved over the past two years amid a series of disputes with
unions and delays to the delivery of the grounded Boeing 737
MAX.
O'Leary has led Ryanair for the past 25 years and is shifting to
be CEO of a new group structure, overseeing the firm's four
airline subsidiaries.
(Reporting by Conor Humphries; Editing by Elaine Hardcastle and)
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