Current Ryanair CEO Michael O'Leary will become group CEO of Ryanair Holdings, the new group structure Ryanair will move into over the next 12 months. 

Michael O'Leary
Michael O'Leary

O'Leary will oversee four airline subsidiaries: the mainline Ryanair, Ryanair UK, Ryanair Sun in Poland and Austrian carrier Laudamotion. O'Leary will step away from running the day-to-day operations of Ryanair; his replacement will be hired later this year, according to the low-cost carrier. 

The 57-year-old O'Leary has been Ryanair's CEO since 1994. His current contract was to expire this year before inking a new five-year deal to run Ryanair Holdings until at least July 2024. Ryanair said the holding company will "focus upon efficient capital allocation, cost reductions, aircraft acquisitions and small scale M&A opportunities."

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