Son of Ryanair founder hands in resignation

DECLAN RYAN, the son of Ryanair founder Tony Ryan, has resigned as a non-executive director of the airline.

Mr Ryan has been a member of the board since 1996 and has been on the board of Ryanair Limited since 1985.

No reason was given yesterday about the resignation but it is believed to come as a result of other work commitments and because the founding family has been reducing their stake in the low fares airline.

Mr Ryan runs Irelandia Investments, which is a private company responsible for the Ryan family’s various enterprises which range from horse breeding in Kentucky to a vineyard in France.

The Ryan family have been reducing their stake in the airline since it was floated on the stock market in 1997.

Two weeks ago Mr Ryan sold four million shares in the airline netting himself almost 24 million.

This has been a regular pattern for the Ryan family.

In June last year the family netted €47m between them from the sale of part of their stake and the previous year Declan and his brother Cathal sold €3.6 million shares valued at €42.3 million and in November 200 the two brothers sold €3.38 million shares valued at €22.9 million.

In 1999 the family sold €20.8 million shares netting €174.34 million.

Mr Ryan, along with his father and brother remain among the largest individual shareholders in the company with 55 million shares worth over €300 million.

The family are expected to continue their selling in the coming years.