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Michael O\u2019Leary has come agonizingly close to securing his bumper $108 million bonus<\/a> this year. Still, the Ryanair CEO can at least comfort himself with an increased multi-million dollar pay packet in the meantime.<\/p>\n The 63-year-old Ryanair boss\u2019s pay deal jumped to \u20ac4.7 million ($5 million) this year due to an improved base salary and rising profits at his budget airline.\u00a0<\/p>\n Ryanair\u2019s latest annual results show O\u2019Leary\u2019s base salary rose to \u20ac1.2 million ($1.3 million) in 2024, while his maximum bonus fell to 50% of his annual salary, down from 100% last year. The switch is part of an updated contract that is set until 2028.<\/p>\n That agreement landed O\u2019Leary a \u20ac590,000 bonus and \u20ac2.89 million from a non-cash, technical accounting charge.\u00a0<\/p>\n The airline\u2019s profits<\/a> rose to \u20ac1.92 billion ($2.06 billion) last year, a 45.8% jump from 2023. Revenues were up to \u20ac13.4 billion ($14.4 billion).<\/p>\n O\u2019Leary\u2019s salary has been a hot topic in the CEO compensation space. He will bag a \u20ac100 million ($108 million) bonus if Ryanair\u2019s shares stay above \u20ac21 for 28 consecutive days.\u00a0<\/p>\n The group\u2019s share price<\/a> briefly floated above that magic number in April but has since declined and stands at around \u20ac16.50 as of June 28. O\u2019Leary can also secure the bumper bonus if Ryanair\u2019s profits exceed \u20ac2.2 billion.\u00a0<\/p>\n The outspoken airline CEO has defended his salary in the past, comparing uproar over pay with the deals enjoyed by Manchester City\u2019s and Liverpool\u2019s managers in the Premier League.\u00a0<\/p>\n \u201cFootballers are getting half a million a week. Pep, who I think is a genius and deserves every penny, is getting \u00a325 million a year, Klopp too\u2014and nobody says boo,\u201d O\u2019Leary told the Telegraph<\/em> in April. \u201cYet some guy running a serious business employing 20,000-plus people gets paid \u00a35 million or \u00a310 million, and it\u2019s suddenly excessive.\u201d<\/p>\n Speculation over O\u2019Leary\u2019s pay packet is perhaps so hot because his competitors\u2019 bosses are much less likely to enjoy similar rewards soon. Shares at EasyJet have plunged in the last 12 months<\/a>, while Ryanair has risen following increased bookings.<\/p>\n Wizz Air CEO Jozsef V\u00e1radi also defended<\/a> his prospective $127 million bonus cap in May, saying he wouldn\u2019t be the only person who would benefit from performance-related remuneration. He name-checked other executives and his employees as potential beneficiaries.<\/p>\n\nO\u2019Leary\u2019s pay deal<\/strong><\/h2>\n