Ryanair to Lay Off nearly 700 Employees while the Company's Boss Could Get $ 111 Million Bonus

Michael O'Leary, Chief Executive Officer of of low-cost Ryanair Airlines, announced plans to cut 500-700 jobs after shareholders approved a bonus scheme that could bring him about 100 million euro ($ 111 million) for the next five years, Reuters reported.

The scheme, which requires the manager to double the company's profit or share price in five years, was approved by 50.5 percent of the general meeting's votes.

Following the vote, a spokesman said it would consult with its investors.

He said: "Ryanair is, and will continue, to consult with its shareholders and we will report back to them over the coming year on how the board will adapt its decision-making to reflect their advice and input on all these topics.", BBC reported.

O'Leary noted that he has made significant progress with the unions, but added that the airline has an excess of 500 pilots and plans to close between 500 and 700 positions. Also affected by the redundancies may be Dublin, where the airline is headquartered.

O'Leary announced that part of the staff was offered unpaid leave for 12 months, while others could be forced to make redundancy in the coming weeks, BTA reported.

The company employs around 17,000 people in Europe, and in July it warned it could release 900 people.

In February, O'Leary said he would remain in office for five more years. Europe's largest low-cost airline, whose shares had fallen nearly half over the past two years amid a series of labor disputes with unions and delayed delivery of Boeing 737 MAX (Boeing 737 MAX).