Ryanair's O'Leary retreats from daily fray amid union strife

Ryanair CEO Michael O’Leary will step back from day-to-day management as the discount carrier moves to a group structure that puts union negotiations into the hands of subordinates after a year of labour strife. Chairman David Bonderman, in the post since 1996, will also leave next year, according to a statement Monday, following investor calls for a governance shakeup as Ryanair struggles to maintain earnings amid sliding fares. The stock fell after the Irish company said the slump in prices could worsen if a no-deal Brexit undermines demand in the UK, its biggest market. Ryanair has endured the toughest period in its 34-year history after a series of strikes forced it to recognise unions, raising cost pressures. The labour issues have still not been resolved, and investors have campaigned for an overhaul of senior management, including O’Leary and Bonderman. The boardroom changes mean Dublin-based Ryanair is seeking a new CEO for its main airline arm. O’Leary, 57, has agreed a five-year contract as group chief, with the focus on capital allocation, cost reduction, aircraft orders and takeovers.<br/>