Ryanair CEO says departure date a moveable feast

By Paul Hoskins

DUBLIN (Reuters) - Ryanair (RYA.I: Quote, Profile, Research) Chief Executive Michael O'Leary admitted his departure had become something of a "moveable feast" after saying several times over the past two years that he would go in the next two to three years.

"I think at least another 10 years," the head of Europe's biggest low-cost carrier joked to reporters on Monday when asked how much longer he planned to stay. "I plan to go on and on and on like Chairman Mao."

O'Leary, who since 1994 has turned Ryanair into one of the world's most profitable airlines and become one of Ireland's richest men in the process, said he wanted to win his fight for greater competition at UK and Irish airports before going.

"Frankly, if I had a competing terminal at Dublin airport and the break-up of the London airport monopoly then I think it would be an appropriate time to go," he said at a news conference to publicise planned legal action against Ireland's aviation regulator over increased charges at Dublin airport.

O'Leary warned his plans could always change in six months, however, saying he was "not entirely wedded" to Ryanair.

"My plan has always been remarkably consistent. I intend to step down in the next two or three years," he said. "It's a bit of a moveable feast ... but one day I'll be right."

Shares in Ryanair (RYA.L: Quote, Profile, Research) have lost half their value over the past year due to fears about the airline's lack of protection against rising oil prices, but O'Leary repeated it would not make sense to take out insurance at current levels.

"If oil prices fall below $80 a barrel we'll be hedging as much as we can for as long as we can, but there's no sign of that happening at the moment," he said.