Latest news with #bonus
Daily Mail
4 days ago
- Business
- Daily Mail
Ryanair boss O'Leary poised for €100 MILLION bonus - one of the biggest payouts in European corporate history
Ryanair Chief Executive Michael O'Leary is poised to receive a handsome €100m bonus if he stays at the airline. His mammoth payout offer comes after the low-cost carrier's shares hit a key performance target on Thursday. O'Leary will be given shares worth €111m (£93.5m) if he remains at the airline until the end of July 2028 because the company's share price stayed above €21 for 28 days. The deal, reached in December 2022, was designed to ensure that the 64-year-old stayed on as the boss of the company. The bonus is one of the biggest in European corporate history and would be good value compared to the salaries of football stars, the Irishman told investors earlier this month. 'I think we're delivering exceptional value for Ryanair shareholders in an era when Premiership footballers and managers are getting paid 20-25 million a year,' O'Leary said when asked about the share option on an analyst call. 'I think Ryanair shareholders are getting a particular value out of our share options - both mine and the rest of the management team,' he said added, after the airline reported an annual after-tax profit of 1.6 billion euros. A Ryanair spokesperson earlier this week said the airline was not planning to comment on Thursday's milestone as the options would not vest for another three years. The payment was described as excessive by Luke Hildyard, chief executive of the High Pay Centre, which campaigns against executive pay. Hildyard argued that the pay often far surpasses bosses' worth to companies or their shareholders. In his three decades as chief executive, O'Leary has helped transform Ryanair from a small Irish regional carrier to Europe's largest airline by passenger numbers. He is the airline's eighth-largest shareholder with 44.1 million shares, representing 4.15% of the company. He was granted a significant stake in the 1990s during his early years as chief executive. Ryanair's share price fell as low as 8 euros at the start of the COVID pandemic, just months after the 21 euro target was set. It comes after a restaurant caused a storm online after hosting O'Leary - and adding a few additional charges to his bill. Luvida Restaurant in Navan, Ireland, the for a meal in March. To mock Ryanair's billing style, the restaurant, which serves 'contemporary' foods, added numerous additional charges to O'Leary's bill. The budget-friendly airline is renowned for adding extra charges, including baggage and check-in fees. Considering this, the restaurant piled on supplementary charges, including €7.95 (£6.25) for 'extra leg space', €9.95 (£8.32) for 'priority booth seating' and €19.95 (£16.69) for a 'quiet area reservation'. O'Leary appeared to find humour in the situation and paid the €142.30 (£119.04) bill, which also included the cost of a bottle of Pinot Giorgio, battered prawns, mushroom on toast, and a seabass main. 'Thank you to Michael O'Leary for choosing to dine with us tonight,' the restaurant said on Instagram. It added: 'It was a pleasure to host you. Hope you don't mind us adding some additional charges to your bill for extra leg space, priority booth seating, and quiet area reservation.'
Telegraph
4 days ago
- Business
- Telegraph
Ryanair's Michael O'Leary lands historic €100m bonus
Ryanair chief executive Michael O'Leary has earned a bonus worth more than €100m (£84m) after the discount carrier's shares cleared a key performance target. The Irishman qualified for the mammoth payout on Thursday after Ryanair stock traded above the specified level of €21 for a 28th straight day, closing at €23.74. Mr O'Leary now stands to receive 10m shares for €11.12 apiece, or €111.2m in total. Based on Thursday's closing price, the stock would be worth €237m, bagging a paper profit of €126m. The Irishman is set for one of the biggest paydays in European corporate history despite Ryanair reporting a 16pc drop in annual profit in an earnings update last week. Mr O'Leary, a Manchester City fan, said at the time that the bonus was justified in light of the long-term performance of the airline, comparing it with the rewards on offer in the sporting world. He told analysts: 'I think we're delivering exceptional value for Ryanair shareholders in an era when Premiership footballers or the managers are getting paid €20m to €25m a year. 'I think Ryanair shareholders are getting a particular value out of our share options – both mine and the rest of the management team.' Mr O'Leary did not indicate how he might spend the money and has slimmed down the racehorse training operation into which he poured millions earlier in his career, winning three Grand Nationals and the Cheltenham Gold Cup in the process. The long-term incentive scheme was first set out in 2019 with an expiration date of 2024 as part of a deal that saw the Ryanair chief sign a new contract while accepting cuts to his salary and annual bonus. However, Covid intervened the following year, grounding flights, plunging airlines into the red and sending share prices tumbling, with Ryanair dropping to €8. Shareholders subsequently backed an extension to the expiry date. The carrier expanded rapidly in the wake of the pandemic, though struggled last summer after a row with online travel agents saw it deprived of some bookings. It was also unable to tap increasing demand for all-inclusive package breaks that boosted rivals easyJet, TUI and Jet2, having closed down its own holidays division some years ago. Regardless, Ryanair continues to rank as Europe's biggest airline by passenger numbers. Mr O'Leary is credited with transforming the Irish carrier from a regional also-ran into a goliath. He joined as finance chief in 1988 before becoming chief executive in 1994, importing a low-cost, no-frills business model copied from US discount giant Southwest Airlines. In order to receive the bonus award – to be paid in share options – Mr O'Leary must stay at Ryanair until July 2028, by which time he will be aged 67 and have been chief executive for almost 35 years. Ryanair did not respond to calls. It previously indicated earlier that it did not plan to comment on its chief executive's windfall since the share options would not vest for another three years.
Bloomberg
5 days ago
- Business
- Bloomberg
Ryanair Boss Poised for €100-Million Payout as Shares Hit Target
Ryanair Holdings Plc 's chief executive officer has just become eligible for a €100-million ($114 million) bonus, granting Michael O'Leary one of the biggest payouts among European public company executives in recent years. Shares of the no-frills Irish low-cost airline closed above €21 for the 28th consecutive calendar day on Thursday, qualifying the outspoken boss for the huge bonus. O'Leary is required to remain at the airline for another three years until the options vest to claim the prize.
The Independent
5 days ago
- Business
- The Independent
Nationwide confirms £100 bonus payment coming later this year – what you need to know
Nationwide has confirmed that millions of members will once again receive a £100 bonus payment later this year as the building society posts a substantial jump in annual profits. For the third year running, a 'Fairer Share' payment of £100 will be distributed to eligible Nationwide members. The bank says that this includes over 4 million people in 2025, up from 3.85 million last year and 3.4 million the year before. The initiative will cost the building society £400 million – the most it has ever distributed as part of the Fairer Share Scheme. As with previous years, receiving the payment will be subject to certain eligibility criteria. The building society explains that it will go to 'eligible members choosing Nationwide for their everyday banking, in addition to holding a qualifying savings or mortgage product. ' Those who qualify will see the payment paid directly into their account between 18 June and 4 July, Nationwide has confirmed. The payment comes as Nationwide posts a 30 per cent jump in annual profits after an 'outstanding' year that saw it complete the takeover of Virgin Money. The firm was able to pay its members a one-off £615 million 'Thank You' reward earlier this year following the deal. The mutual reported pre-tax profits of £2.3 billion for the year to 31 March, up from £1.8 billion the previous year, which came despite it handing out a record £2.8 billion in value to members including £1 billion in rewards. On an underlying basis, pre-tax profits fell to £1.9 billion from £2 billion as Nationwide said it focused on offering competitive interest rates to customers. Debbie Crosbie, group chief executive of Nationwide Building Society, said: 'Nationwide has had an outstanding twelve months. 'We returned a record £2.8 billion in value to our members and recorded our highest ever year for growth in mortgage lending and retail deposit balances.' She added: 'The Virgin Money performance was strong in the six months since our acquisition, with improvements in customer service and a return to growth in mortgage lending.' The firm completed the £2.9 billion takeover of Virgin Money last year, which has seen it become the UK's second largest mortgages and savings provider. The group said integration of the acquisition was 'progressing well'. Nationwide said it was continuing to run the two businesses separately initially after the acquisition and had no plans for job cuts in the short-term. But Ms Crosbie said it was 'too early to say' what impact there would be on staff of the combined group further out as it integrates the businesses. 'Every business always reviews its workforce and we'll continue to do that on an ongoing basis, but it's too early to say if there'll be an impact on the broader workforce,' she said. She also signalled Nationwide would keep Virgin Money's Newcastle headquarters, with Ms Crosbie saying 'the current footprint that we have will remain the same'.
Daily Mail
5 days ago
- Business
- Daily Mail
BREAKING NEWS Nationwide reveals £100 Fairer Share payment for a third time - do YOU qualify for June's payout?
Nationwide has this morning announced it will pay out another 'Fairer Share' bonus this year. Britain's biggest building society will once again dish out £100 to 4million eligible members this summer, a collective total of £400million. This marks the third annual Fairer Share payment Nationwide has offered to its members, which it started in 2023. It comes as the mutual giant posted bumper pre-tax profits of £2.3billion in the year to April, up from £1.77billion last year, after recording its highest ever year for growth in mortgage lending and current account balances. Debbie Crosbie, Nationwide chief executive, said: 'Nationwide has had an outstanding twelve months. 'We returned a record £2.8billion in value to our members and recorded our highest ever year for growth in mortgage lending and retail deposit balances, and we remain first for customer service.' The Fairer Share payment will see members who were eligible on 31 March 2025 get £100 paid into their current accounts in June. The money will arrive in their accounts between 18 June and 4 July. To be eligible for the payment, Nationwide members must have either a current account and savings account, or a current account and a mortgage. Nationwide said these are its criteria: Current account: To be a qualifying current account, your account must have been open on 31 March 2025. Qualifying members must still have a current account open in June. Savings: Your savings will have qualified for the current account if you had at least £100 in total or in one or more savings accounts or cash Isas with Nationwide at the end of any day in March 2024. Mortgage: To be a qualifying mortgage customer, you must have had at least £100 on your Nationwide residential mortgage on 31 March 2024. Why is Nationwide paying the bonus again? Nationwide took in profits of £million before tax. As a mutual owned by members not shareholders, Nationwide is able to share some of its profits with its members rather than paying dividends. Nationwide began its Fairer Share bonus in 2023 when it paid 3.4million members £100 each. In June 2024, it handed 3.85million members £100 each, dishing out 3.85million. Nationwide has said it intends to make the payment every year on the condition it will not be 'detrimental' to the strength of its finances. James Blower, financial expert and founder of the Savings Guru said: 'The Fairer Share bonus is a nice extra for loyal qualifying Nationwide customers to thank them for their business. 'Those members who miss out should check the qualifying criteria and ensure they meet them for the cut off next year, which is usually the 31 March, as it is worth holding the minimum balance to ensure the payout. 'While I don't recommend joining Nationwide purely to benefit from bonuses, if their products provide a competitive rate and good value for your requirements, the bonuses are a lovely extra to receive.' Some customers will pocket £150 this year In March this year, Nationwide announced it would pay over 12million members £50 each as part of a 'Big Thank You' payment. It came as Nationwide banked a big gain from its takeover of Virgin Money, which completed in October last year. The mutual received a windfall of £2.3billion on its £2.8billion purchase of virgin Money. The price tag was so low that Nationwide paid a lot less for Virgin's assets than they were deemed to be worth. It means that some customers will have pocketed the £50 Big Thank You payment as well as the £100 Fairer Share payment for a total of £150. The payments were completely separate according to Nationwide, so receiving one did not rule members out from receiving the other.
