Michael O'Leary (businessman) facts for kids
Quick facts for kids
Michael O'Leary
|
|
|---|---|
.jpg)
O'Leary in April 2015
|
|
| Born |
Michael Kevin O'Leary
20 March 1961 Kanturk, County Cork, Ireland
|
| Education | Clongowes Wood College |
| Alma mater | Trinity College Dublin |
| Occupation | Businessman |
| Known for | CEO of Ryanair |
| Spouse(s) |
Anita Farrell
(m. 2003) |
| Children | 4 |
Michael Kevin O'Leary (born 20 March 1961) is an Irish businessman who is the Group CEO of Ryanair. With a net worth of around €848.6 million as of April 2018, he is one of Ireland's wealthiest businesspeople.
Contents
Early life
Michael Kevin O'Leary was born in Kanturk, County Cork, Ireland, on 20 March 1961, the second child of Gerarda and Timothy "Ted" O'Leary. He grew up near Mullingar, County Westmeath. His father was the part-owner of a textile factory. He was educated at Clongowes Wood College near Clane, County Kildare, before studying business and economics at Trinity College Dublin. After graduating in 1982, he worked as a trainee with Stokes Kennedy Crowley (later known as KPMG) and studied the Irish tax system. He left after two years in 1985, setting up profitable newsagents in the Terenure and Walkinstown areas of Dublin.
While at Stokes Kennedy Crowley, O'Leary had met Tony Ryan, head of Guinness Peat Aviation (GPA), a leasing company. Ryan was one of KPMG's clients and O'Leary advised Ryan on his personal income tax affairs. In 1988, Ryan hired O'Leary as his personal financial and tax advisor, where Ryan's main interest was in GPA.
Ryanair career
O'Leary became chief financial officer of Ryanair in 1988, and then chief executive officer in 1994.
Under O'Leary's management, Ryanair further developed the low-cost model originated by Southwest Airlines. O'Leary described the ancillary revenue model in a 2001 interview, saying "The other airlines are asking how they can put up fares. We are asking how we could get rid of them." The business model envisioned by O'Leary uses receipts from onboard shopping, internet gaming, car hire and hotel bookings to supplement the ticket revenue from selling airline seats. Savings are also made by negotiating discounts with airports for reduced landing fees. In many cases, regional airports have made no charges so as to secure flights that bring passengers and wealth into their area. The deregulation of Ireland's major airports and a transformation of traditional full-service airlines are among his demands.
Personal life
O'Leary married Anita Farrell on 5 September 2003 in Delvin, County Westmeath, with whom he has four children. They live in Gigginstown House near Delvin, County Westmeath.
O'Leary breeds Aberdeen Angus cattle and horses at his Gigginstown House Stud. His horses War of Attrition, Don Cossack, Rule the World, and Tiger Roll have won races such as the Cheltenham Gold Cup, the 2016 Grand National, the 2018 Grand National, and the 2019 Grand National.
O'Leary has supported English football team Manchester City F.C. from an early age. He had the opportunity to buy a stake in the club in 2003, but believed the potential benefits did not outweigh the risk, and preferred instead to visit England to watch a few matches each season. He wore a Manchester City shirt when unveiling Ryanair's new destinations to and from Manchester Airport in 2011.
In February 2015, O'Leary claimed that he was offered the starring role in The Apprentice reality TV show, but turned it down for family reasons before it was eventually offered to and accepted by Alan Sugar.
See also
In Spanish: Michael O'Leary para niños
