Ryanair CEO Michael O’Leary has suffered a reduced pay of 74% as a result of the Covid-19 pandemic.
An annual report revealed that in the 12 months to March 2021, O’Leary received no bonus from the airliner, which has recorded a €1 billion loss.
The airliner’s report shows that it has suffered a significant decrease in revenue, from €8.49 billion to €1.63 billion.
O’Leary’s reduced base pay of €250,000 was a voluntary decision which he made last year to save costs.
The report added that the Ryanair remuneration committee (Remco) did not award a bonus to O’Leary or the airliner’s senior management team as the airliner recorded a net loss for the year.
It stated, “additionally, as the Group participated in the UK Covid Corporate Financing Facility (CCFF) scheme, Remco did not award a bonus for the achievement of Mr O’Leary’s personal targets in fiscal year 2021. As such, no bonus was awarded to Mr O’Leary for fiscal year 2021”.
Ryanair chairman Stan McCarthy described the fiscal year 2021 as the most challenging in Ryanair’s history with traffic collapsing from 149 million to 27.5 million overnight.
For the 12 months to the end of March, Ryanair’s Ireland revenues have decreased from €594.5 million to €81 million.