Ryanair Appoints Neil Sorahan To Succeed Howard Millar As CFO

(RTTNews) - Irish low-cost airline Ryanair Holdings Plc (RYA.L, RYAAY) Monday announced the appointment of Neil Sorahan as Chief Financial Officer with effect from October 1. Sorahan, who is currently Finance Director, will take over from current CFO Howard Millar when he steps down on December 31. Millar, also the airline's Deputy Chief Executive Officer, has decided to step down as a full time executive after 23 years to pursue other career opportunities.

Citing Millar's enormous contribution to the development of Ryanair, Chairman David Bonderman has invited him to join the Board of Ryanair as a Non-Executive Director by mid-2015, and Millar has accepted this offer.

The Europe's largest passenger airline noted that Millar has played a leading role in the successful development of the company into Europe's largest airline, growing to over 80 million passengers p.a. from less than 1 million passengers.

The new CFO Sorahan joined Ryanair as Treasurer in 2003, having previously worked in CRH plc for 11 years as Deputy Treasurer. He was subsequently promoted to Finance Director in June 2006. For the last eight year, he has been operating as Millar's Deputy.

The company added that Sorahan will work closely with Millar over the next six months to ensure a smooth transition.

Ryanair's Michael O'Leary said, "Neil has worked with Howard for the past 12 years and has been a key member of the Finance senior management team... He has a hard act to follow, but as we enter into a 5 year period of renewed growth, with new aircraft deliveries starting in September and a rapidly improving customer experience, we all believe that Neil is the right person to fill the void left by Howard."

Millar joined Ryanair as Financial Controller in April 1992, was promoted to Finance Director in 1993, and appointed CFO and Deputy CEO in January 2003.

In London, Ryanair shares are currently trading at 6.91 euros, down 0.04 euros or 0.53 percent.