Ryanair’s longtime CEO gets a new 5-year term

LONDON – Ryanair CEO Michael O’Leary will remain for another five years, after the company overhauled its corporate structure and gave its longtime leader a new contract.

Europe’s biggest airline by passengers said Monday it will move to a group structure called Ryanair Holdings PLC. O’Leary will be CEO, agreeing to a new contract through July 2024.

Ryanair Holdings will oversee the main Ryanair carrier, subsidiaries based in Poland and the U.K. as well as the recently acquired Austrian unit Laudamotion.

There had been questions over O’Leary’s future as his contract was due to end this year.

The announcement came as the company reported a net loss of 20 million euros ($23 million) for its fiscal third quarter, compared with a 106 million profit the year before, due to lower fares.