Ryanair Holdings chief executive Michael O’Leary is set for a bonus package estimated to be worth more than £90 million.

Under a new incentive scheme the outspoken Irish no-frills airline’s boss has been incentivised to double Ryanair’s profitability to €2 billion a year ‘and/or’ raise its share price to €21 a share over the next five years.

He will then be eligible to buy ten million shares at the existing price of €11.12.

At the €21 level, O’Leary would make a profit of more than €98 million.

The incentive scheme was revealed on Friday, just days after he agreed to extend his contracct to stay with the airline’s holding company for a further five years.

Ryanair’s 11 non-executive directors have also been granted options over 50,000 shares on the same terms as the chief executive, potentially worth almost £500,000 each.

The announcement followed Ryanair reporting its first quarterly loss since 2014 together with a new corporate structure which will see O’Leary become group CEO overseeing four operating businesses – Ryanair, Laudamotion, Ryanair Sun and Ryanair UK.

The change, to take place over the next 12 months, will see the company adopt a group structure not dissimilar to that of British Airways and Aer Lingus owner International Airlines Group with each airline brand having its own CEO and management team.

O’Leary will “concentrate on the development of the group” under the new structure with a replacement chief executive for Ryanair to be appointed later this year.

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