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Ryanair to make Sorahan CFO as Millar steps down

Ryanair finance director Neil Sorahan is to become the airline’s chief financial officer with effect from 1 October, beginning a handover period with current CFO Howard Millar who will step down on 31 December 2014.

Sorahan has worked in Ryanair for almost 12 years, joining as Treasurer in 2003. He was subsequently promoted to finance director in June 2006. In this position he has been operating as Howard Millar’s deputy for the last eight years and has been a key leader in Ryanair’s finance department, having actively managed the treasury function, financial reporting and participated in investor roadshows. He was recently closely involved in Ryanair’s successful debut €850 million bond offering.

“I have every confidence in Neil, having recruited and worked closely with him over the last 12 years,” remarked Millar. “He has been a pivotal member of the finance senior management team, with a broad range of experience in treasury, financial reporting, taxation, investor relations, and more recently in our successful first bond issue. I am particularly pleased that the time and effort we have invested in developing a very strong senior management team will ensure there is a smooth transition of the finance function to Neil over the next six months.”

In light of Millar’s contribution to the development of Ryanair, chairman David Bonderman has invited him to join the Board of Ryanair as a non-executive director in mid-2015, some six months after he steps down as a full-time executive. Accepting the offer Millar commented, “I am very pleased to accept our chairman, David Bonderman’s invitation to join the Board in mid-2015, and look forward to working with the Board to guide Ryanair in its next phase of profitable growth to over 110 million passengers a year in 2019.”

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