General Industry

Aer Lingus Chief Awarded €900,000 in IAG Share Options

By Steve Wynne-Jones
Aer Lingus Chief Awarded €900,000 in IAG Share Options

Aer Lingus chief executive Stephen Kavanagh has been awarded 110,000 share options at the airline's new owner, IAG.

The shares are worth €900,000 but cannot be exercised until 2019 when certain performance criteria are met. The shares have been awarded at no cost to Kavanagh.

IAG said the shares will be awarded based on three measures: total shareholder return compared to other airlines; earnings per share; and return on invested capital.

Stephen Kavanagh was announced as the new chief executive of Aer Lingus in February, talking over former boss Christoph Mueller. Kavanagh has been with Aer Lingus since 1988.

IAG acquired Aer Lingus earlier in 2015 for €1.36bn - it also owns British Airways, Iberia and Vueling.