Money, not bad blood, is most likely cause of defection
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NEWS of Sean Coyle's defection spread like wildfire yesterday morning, and speculation over his motives swiftly mounted.
Money is the obvious calling card in many such high-level moves, and Mr Coyle's remuneration at Aer Lingus is likely to be substantially higher than his earnings at Ryanair.
Outgoing Aer Lingus finance director Greg O'Sullivan scooped a package totalling €515,000 last year, and as chief financial officer Mr Coyle can expect to be in line for a similar package -- at the very least.
Meanwhile, over at Ryanair, the airline's plummeting share price has rendered once lucrative share options far less attractive, while a pay freeze is curtailing salary rises.
Beyond money, speculation centred on a possible bust up between Mr Coyle and the sometimes volatile Michael O'Leary.
Evidence of any substantial rift between the duo, however, was thin on the ground yesterday and as the afternoon wore on people resigned themselves to the less exciting explanation of career advancement.
At Ryanair, Mr Coyle fell into line behind about 10 other managers, and chances for promotion were decidedly thin on the ground.
At Aer Lingus, Mr Coyle will be CFO of a quoted company, with a seat on the board.
"Even if it doesn't work out for him, with that on his CV he could easily go to another Plc," one observer pointed out.
Sensible then. But not as sexy as a fist fight with the volatile man of Mullingar would have been.
- Frank McGrath
