Aer Lingus boss will get €900,000 worth of IAG share options if he meets key goals

The aviation group acquired the Irish company during 2015

Aer Lingus boss will get €900,000 worth of IAG share options if he meets key goals

Photocall file photo

2015 has been a very successful year has for Aer Lingus Chief Executive, Stephen Kavanagh, - he’s been awarded 110,000 share options at the airline’s new owner IAG.

The shares, which are being awarded at zero cost, are currently worth about €900,000 but are not exercisable until the end of 2019 subject to certain performance conditions.

His performance will be measured under three criteria, the total shareholder return for IAG relative to the performance of other airlines, earnings per share, and return on capital invested.

Mr Kavanagh, who was appointed to the top position in Aer Lingus last February, made about €700,000 pre-tax when the sale to IAG was completed in the Autumn, from the 280,000 shares he held in the airline following 26 years of service.

IAG acquired Aer Lingus earlier in 2015 for €1.36bn - it also owns British Airways, Iberia and Vueling.

Last month IAG raised its target return on investment capital to 15pc between 2016 and 2020.