Ryanair’s revolting almost 30% vote against chairman
David Bonderman, left, and Michael O’leary, centre, in Dublin yesterday NEARLY 30% of Ryanair’s shareholders have voted against the chairman’s re-election after an unsettled year at the carrier.
And the low-cost airline is flying into €600million worth of turbulence due to rising oil prices and new pilot deals as it recognises unions for the first time.
But Michael O’leary yesterday said he is staying on as chief executive.
The budget airline held its annual general meeting after a year in which it has been buffeted by pilot strikes that grounded hundreds of flights.
Chairman David Bonderman’s re-election was secured by a reduced 70.5% of votes compared with 89% last year.
Mr O’leary was returned by 98.5% and defended his chairman and Ryanair’s performance.
He said: “Whoever we replace him with would not carry his stature within the aviation industry.”
Mr O’leary added there was a clear succession plan for members of the board and the company’s managers.
He has been on a rolling 12-month
YESTERDAY
contract for years and said he had no plans to step aside within the next year.
Mr O’leary added: “We have interesting and challenging times ahead.”
The budget carrier has faced industrial action by pilots across Europe.
Last month Ryanair and Irish union Forsa reached a deal and the threat of job losses was averted.
It was the first collective agreement the airline has reached in the Republic.
It agreed to recognise unions last year – but at a cost of around €200million.
Spiralling oil costs have added another €400million to its bills.
The dispute between the airline and some of its Irish pilots involved leave, base transfers and promotions.
It caused five days of strikes by 100 of Ryanair’s 350 Irish-based pilots. In August there was a 24-hour strike involving staff in Holland, Belgium, Germany, Sweden and Ireland and 400 flights were cancelled.
Ryanair cabin crew in Spain, Portugal, the Netherlands, Italy and Belgium are expected to strike next Friday.
Whoever we replace him with would not carry his stature MICHAEL O’LEARY