Ryanair CEO Michael O’Leary is facing a substantial shareholder revolt over a new pay deal that could potentially earn him up to €150 million, though the package was still approved at the company’s recent annual general meeting in Dublin. Approximately 39 percent of shareholders voted against the remuneration proposal, while just over 60 percent supported it.

The agreement, which would extend O’Leary’s tenure until 2032, grants him options to purchase 10 million shares at €26.70 each, exercisable if the airline meets ambitious performance targets. Specifically, O’Leary can realize the payout if Ryanair’s post-tax profits reach €4 billion in any year by 2032—nearly double the €2.2 billion achieved last year—or if the share price exceeds €42 for 28 consecutive days before the end of March 2032. By the close of the meeting, the shares traded at around €22.46.

This contract replaces a previous pay deal set to expire in 2028, under which O’Leary could earn up to €100 million by doubling the company’s post-tax earnings or increasing its share price by 80 percent. That earlier arrangement also faced significant investor opposition, with nearly half of shareholders voting against it.

O’Leary, who has led Ryanair since 1994 and shaped it into Europe’s largest budget airline, defended his pay package by emphasizing its alignment with shareholder interests. He highlighted that the substantial rewards are contingent upon the company achieving “very ambitious targets,” arguing that successful attainment of these goals would create significant value for all shareholders. “If we hit the targets, the shareholders will be thrilled with themselves,” he stated.

Despite the dissent, O’Leary was overwhelmingly re-elected at the AGM, securing support from over 98 percent of voters. Some investors publicly supported the deal, praising O’Leary’s long-term leadership and the returns he has generated. Andrew Hollingworth of VT Holland Advisors described O’Leary as “one of Europe’s very best CEOs” and encouraged shareholders to welcome an incentive package that would retain him for an additional six years.

The pay deal comes amid external pressures on Ryanair’s profitability, including rising fuel costs and a recent drop in average fares following a 6 percent increase in passenger numbers during the first half of the year. The airline reported a more than one-third decline in quarterly profits to £462 million for the quarter ending in June.

O’Leary, 65, who holds close to a 4 percent stake in the company making him one of Ireland’s wealthiest individuals, has previously indicated that this contract would be his final one before stepping down in favor of a successor he described as “nicer.” The board, chaired by Stan McCarthy, noted that the payout structure reflects O’Leary’s relatively modest annual salary of €1.2 million compared to the significant upside tied to Ryanair’s future performance.