Michael O'leary

Michael Kevin O'Learyis an Irish businessman who is the Group CEO of Ryanair. With a net worth of around €848.6 million as of April 2018, he is one of Ireland's wealthiest businessmen.

Career

O'Leary became chief financial officer of Ryanair in 1988, and then chief executive officer in 1994.

Under O'Leary's management, Ryanair further developed the low-cost model originated by Southwest Airlines. O'Leary described the ancillary revenue model in a 2001 interview, saying "The other airlines are asking how they can put up fares. We are asking how we could get rid of them." The business model envisioned by O'Leary uses receipts from onboard shopping, internet gaming, car hire and hotel bookings to supplement the ticket revenue from selling airline seats.

Savings are also made by negotiating discounts with airports for reduced landing fees. In many cases, regional airports have made no charges so as to secure flights that bring passengers and wealth into their area. The deregulation of Ireland's major airports and a transformation of traditional full-service airlines are among his demands.