Ryanair shares fall as O'Leary steps back from day-to-day running of airline

Ryanair shares fell as much as 4.9% after it posted a third quarter loss for the first time in five years and said Michael O'Leary will step back from the day-to-day running of the airline.

A board restructuring will see Mr O'Leary become group chief executive and be replaced within the next 12 months as the day-to-day boss of the main airline.