Ryanair Boss Will Quit In Three Years
Sharon MillerMichael O’Leary, big boss at budget carrier Ryanair, has announced that he’s expecting to retire as chief executive of the company in two to three years.
O’Leary has postponed his retirement for the position at the head of the largest no-frills airline in Europe at several occasions in the past. He commented about last year by dubbing himself a “moveable feast”.
The notoriously hard-bargain-driver said during an interview with RTE radio that in two to three he won’t be part of the Ryanair anymore. He added that he still would like to see the budget carrier take over Ireland’s flagship airline Aer Lingus before his departure despite having tried and failed twice in the past.
He disclosed earlier in November that he was expecting to pay important management bonuses in 2011. At that time, a large capital investment scheme will be approaching its end and he’s considering to also terminate his policy of no-dividends simultaneously.
Meanwhile, Ryanair has revealed that it will launch it first base in Norway in the month of March 2010. The move should create about 1,700 jobs all stemming from the Oslo Rygge Airport hub.
The cost of the base is estimated at about $200 million and three new aircrafts will permanently be stationed at the Norvegian airport. Oslo will boast a total of 16 new Ryanair connections. These 3 planes will be added to the six that the airline already has at the facility. Ryanair is aiming at boosting its annual traffic out of Oslo by 1.7 million passengers.
The increased capacity out Oslo Rygge Airport will mean that Ryanair will be able to provide 100 weekly return flights to cities such as Berlin, Venice and Malaga.
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Filed under Business & Finance, Europe News, Travel News, UK News