The former CEO of Kerry Group, Stan McCarthy, has been unveiled as the incoming deputy chairman of Ryanair, with plans in place to become chairman next year.
The announcement was made by the budget airline giant at Ryanair’s quarterly report for the third quarter of 2018.
The company announced that current chairman David Bonderman has agreed to remain in his current position for one more year until the summer of 2020 – but has no wish to be considered for re-election the following September.
In a statement, Ryanair said:
In order to ensure a smooth succession, Stan McCarthy, who joined the board in May 2017, has agreed to take up the position of deputy chairman from April 2019, and will transition to chairman of the board in summer 2020.
“Stan will bring his enormous international experience – as a former CEO of Kerry Group Plc – and leadership skills to the development of Ryanair Holdings over the coming years, although a legend like David Bonderman will be a very hard act to follow,” the company statement said.
The move is a part of some major restructuring taking place at the Irish airline giant, following the announcement of a €20 million net loss for the third quarter of 2018.
In a significant overhaul, the airline has announced that a small senior management team will oversee the development of four airline subsidiaries: Ryanair DAC; Laudamotion; Ryanair Sun; and Ryanair UK, which will have their own CEOs and management teams.
A replacement CEO of Ryanair DAC, who will work alongside the CEOs of Laudamotion and Ryanair Sun, will be appointed later this year, the firm has announced.