Ryanair CEO Michael O’Leary, who has just signed a new five-year contract with the low-cost airline, will earn a bonus of up to €100m if he hits performance targets.

O’Leary will be granted the option of buying 10m shares at the current share price of €11.12 if he increases annual profit to €2bn from a forecast of 1-1.1 billion in the current financial year, or if the share price increases to €21.

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"The terms of the options will require him to double Ryanair's profitability to 2 billion euros per annum and/or increase the share price to 21 euros per share over the next five years to qualify for all of these options," said Ryanair in a statement.

According to the Irish Times, the Irish-based airline’s new group structure will comprise a holding company called Ryanair Holdings PLC and four carriers with individual chief executives, Ryanair, Ryanair UK, Ryanair Sun, in Poland, and Austria’s Laudamotion, based in Austria.

O'Leary will step down as chief executive of Ryanair and will become CEO of the group structure until 2024. The airline itself will appoint a new chief executive later this year, the Financial Times reports.

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In his new role, O’Leary will oversee cost efficiency, capital and aircraft allocation, as well as merger and acquisition opportunities.

O’Leary, 57, has been the chief executive of the airline for 25 years. According to Euronews, he is the airline's second-biggest shareholder with 46 million shares, or a 4 percent stake.