Aer Lingus boss could bag €900k bonus on takeover
Published 03/04/2011 | 05:00
Aer Lingus boss Christoph Mueller could be in line for an €890,000 bonus if the airline is taken over, it has emerged.
Ryanair chief executive Michael O'Leary said last week that the Government is now certain to sell off its 25 per cent stake in the company, meaning that the former national airline is now seen as being a prospective target for a takeover.
Details of a bonus scheme disclosed in the airline's annual report last week reveal that if a takeover was successful, Mr Mueller and all directors and senior managers would be eligible for hefty payouts.
At the discretion of the company's remuneration committee, he could pocket €712,500 worth of shares.
If the share price increased, Mr Mueller would then be able to sell shares from the award up to the value of €890,625.
The news emerges only days after the union that represents over 1,500 Aer Lingus staff reacted angrily at finding out the Aer Lingus boss took home a total remuneration of €1.13m last year.
As it stands, assuming he is still the boss of the airline on September 1 this year, Mr Mueller will earn €367,500 at current prices from 500,000 shares -- simply for remaining in the role.
Mr Mueller declined to comment.
Sunday Indo Business