LONDON (AP) — Ryanair CEO Michael O’Leary will remain for another five years, after the company overhauled its corporate structure and gave its longtime leader a new contract.
Europe’s biggest airline by passengers said Monday it will move to a group structure called Ryanair Holdings PLC. O’Leary will be CEO, agreeing to a new contract through July 2024.
Ryanair Holdings will oversee the main Ryanair carrier, subsidiaries based in Poland and the U.K. as well as the recently acquired Austrian unit Laudamotion.
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There had been questions over O’Leary’s future as his contract was due to end this year.
The announcement came as the company reported a net loss of 20 million euros ($23 million) for its fiscal third quarter, compared with a 106 million profit the year before, due to lower fares.
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