Neil Sorahan is to take over as Ryanair's chief financial officer when incumbent, Howard Millar, steps down later this year, in what will be the third high- profile change in the airline's senior management over the course of this year.
Ryanair announced yesterday that Mr Millar will step down from his roles as chief financial officer and deputy chief executive on December 31st after 23 years with the company. However, he will join its board as a non-executive director next year.
As Ryanair finance director Mr Sorahan has been Mr Millar’s second-in-command for the last eight years. The airline yesterday noted he was closely involved in its recent €850 million bond issue.
Mr Millar's move follows the retirement in March of Michael Cawley from the role deputy chief executive. He has since taken up a non-executive position on its board.
Both men were trusted lieutenants of Ryanair chief executive Michael O’Leary and played key roles in developing the airline and its low-cost business model over the past two decades.
Mr O'Leary yesterday described Mr Millar as a "a pioneer in the development of low- fare air travel in Europe, as well as in aircraft financing, commodity risk and fuel management".
He also said the company was pleased it has a strong in-house candidate to succeed him.
