General Industry

Michael O'Leary To Stay At The Helm Of Ryanair

By Publications Checkout
Michael O'Leary To Stay At The Helm Of Ryanair

Michael O'Leary has pledged to stay at Ryanair for at least another half-decade. Speaking during an interview in London, Ryanair's 52-year-old chief executive, who has regularly claimed that he will quit Ryanair 'in a couple of years', stated the no-frills carrier will boost its fleet to more than 400 jets by 2018 and aims to double Ryanair's €8.65 billion market value over the same period. Such a move could pave the way for a shift into low-cost trans-Atlantic flying, as demand for wide-bodied planes eases, thereby making them cheaper, he said. Under O'Leary, Ryanair's strategy of offering rock-bottom fares - made possible through the use of secondary airports and minimal customer service efforts has propelled the carrier from 1.7 million passengers in 1994 to 79 million this year, with the company now targeting 100 million by March 2019.

Commenting on Ryanair's future, Michael O'Leary said, "There’s going to be a push for the legacy carriers to walk away from the loss-making, short-haul business, handing over more and more market share."

“The rate of change is going to speed up. The next five years look very interesting and exciting and therefore there is no reason for me to leave.”