€890k for Aer Lingus boss if rumoured takeover goes ahead
Published 05/04/2011 | 10:34
Aer Lingus boss Christoph Mueller could be in line for an €890,000 (£785,000) bonus if the airline is taken over, it has emerged.
Ryanair chief executive Michael O'Leary said last week that the Irish government is now certain to sell off its 25% 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 (£629,000) 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 (£786,000).
The news emerges only days after a union that represents over 1,500 Aer Lingus staff found out that Mr Mueller took home a total remuneration of €1.13m (£997,000) last year.
Mr Mueller declined to comment.