Michael O'Leary is to stay on as Ryanair's chief executive until 2024.
This morning, the airline announced a €20 million loss for the third quarter of last year.
O'Leary says it's disappointing, but has explained why the loss occurred:
We take comfort that this was entirely due to weaker than expected air fares so our customers are enjoying record low prices, which is good for current and future traffic growth.
Ryanair has told shareholders that having Michael O'Leary remain as CEO for another 5 years should provide them with certainty heading into the future.
The airline has also announced that it will change its structure over the next 12 months.
It's to develop 4 airline subsidiaries, each with their own CEO.
As a result Michael O’Leary will then become Group CEO, a role in which he will concentrate on the development of the group.
