Ryanair CEO Michael O'Leary (Image: AFP/Getty Images)
The windfall - which will come his way if he doubles the company's share price or profitability within five years - was backed by 50.5 percent of shareholders at yesterday's annual meeting. As part of the deal Mr O'Leary, 58, has agreed to take a 50 percent cut to his pay and maximum annual bonus. In return he will get share options which could be worth around £90million in five years.
The company's share price has nearly halved over the past two years.
Ryanair has also had to scale back its expansion plans following the grounding of the Boeing 737 Max.
Meanwhile, its pilots in the UK are staging a series of 24-hour stoppages this month over pay and working conditions.
Regarding the windfall, Mr O'Leary said: "I think most shareholders would take the view that if he doubles the share price, we don't care what you pay him for the next five years."