Ryanair chairman faces bid to oust him

Bloomberg

Ryanair Holdings Plc’s chairman of more than two decades, US billionaire David Bonderman, is facing increasing opposition to his re-election at the Irish discount carrier’s annual meeting later this month.
The ITF and ETF international labor groups and investor-advisory service Glass Lewis are separately lobbying against the reappointment of Bonderman, a long-time ally of Chief Executive Officer Michael O’Leary who has led the Ryanair board since 1996.
Dublin-based Ryanair told Bloomberg that investors appreciate the American’s contribution and will back his reappointment at the September 20 gathering.
Efforts to displace the founder of private-equity titan TPG Holdings have emerged following a 12-month labour crisis at Ryanair. A scheduling foul up gave staff increased bargaining power, compelling the airline to accept unions and sparking a spate of strikes that have squeezed earnings and seem set to push up costs as it’s forced to renegotiate contracts.
The two labour groups said that Bonderman, 75, has presided over a corporate
culture “which for two decades was virulently anti-union,” adding that if Ryanair is serious about engaging with workers and unions, “the time has come for fresh leadership.”
Glass Lewis recommended that shareholders unseat the chairman because of the choice of Kyran McLaughlin as senior independent director, when he is also deputy chair of Davy Stockbrokers, a firm that acts as a major adviser to Ryanair. It also opposes the re-election of former Ryanair finance chief Howard Millar as a member of the company’s remuneration committee, saying the body should consist solely of independent directors.
Ryanair said its shareholders “appreciate how fortunate we are to have an outstanding chairman like David Bonderman guide the board and the airline.” It predicted that all resolutions will be a carried by a large majority at the annual meeting.