O'Leary leads by example on pay freeze

SOARING fuel costs have hit Ryanair chief executive Michael O'Leary in the pocket after he slapped a pay freeze on senior managers at the low-cost airline.

O'Leary, who earned 992,000 (£781,000) in the year to last March, said none of Ryanair's top 36 managers – including himself – would get a pay rise unless oil falls from its current high of about $100 a barrel. The Ryanair boss hopes to save up to 10 million through the move as part of a wider crackdown on costs as profits come under threat from the elevated prices. The airline's wider staff will not be subjected to the pay freeze.

"Given the enormous increase in our fuel costs, it is appropriate that senior management lead by example," O'Leary said.