I won’t be here in five years, declares O’Leary

RYANAIR boss Michael O’Leary hinted he will stand down as he fought off efforts to oust his chairman in the face of a shareholder revolt.

The 57-year-old ( pictured with his wife Anita) said the board wants him to stay as chief executive for five more years after his deal ends in 2019. ‘I’m not sure Mrs O’Leary would be happy,’ he told the firm’s AGM.

‘I’m not sure whether I want to sign up for another five. The board suggests I should sign up for a longer period. It’s not going to be a difficult conversation. I’m happy to stay for another couple of years.’

The comments came after one in three investors, or 29.5pc, refused to back the re-election of US billionaire David Bonderman, who has been chairman for 22 years.

But the 75-year-old private equity guru emerged victorious from the bruising encounter, though O’Leary conceded his days as chairman may be numbered. ‘He knows it won’t go on forever,’ said O’Leary. Bonderman, married with five children and worth £2.5bn, quit Uber’s board last year after saying more women directors meant it was ‘ more likely there would be more talking’.

Known to love a party, the Rolling Stones played at his 60th birthday and he hosted a private Paul McCartney concert for his 70th where he donated $1,000 to a charity of each of his 1,020 guest’s choice.

Ian Greenwood, chairman of Royal London Asset Management, said: ‘ We hope Bonderman and the board will heed the message sent today and announce plans for him to step down. Ryanair should recruit an independent chairman to provide greater oversight and challenge Mr O’Leary.’

Alison Kennedy, investment director at Aberdeen Standard Investments, which has a 0.9pc stake said: ‘It is clear that governance needs to evolve.’