Concept

Michael O'Leary (businessman)

Summary
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 businessmen. Michael Kevin O'Leary was born in Dublin, 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. 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.
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