Wizz Air CEO Varadi signs new 5-year contract
Wizz Air Holdings
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16:40 24/04/24
Budget airline Wizz Air has signed a new five-year service agreement with chief executive officer Jozsef Varadi.
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Wizz said on Friday that the terms of the agreement are "materially the same" as his previous contract, with the exception of a new long-term incentive arrangement, the Value Creation Plan (VCP), which targets a 20% compound annual growth rate in the share price over the next five years.
Chairman Bill Franke said: "We are delighted to announce a new long-term service agreement with Jozsef, our founding CEO, who has been the driving force in developing Wizz Air to become a leading player in European aviation and one of the world's true ultra-low-cost carriers.
"We have put in place new incentive arrangements, with the support of shareholders, which focuses Jozsef and our senior leadership on driving further growth and value creation from a share price which is close to an all-time high. We are also pleased to launch a new all-employee incentive plan enabling the wider Wizz Air team benefit from the continuing success of the business and aligning their interests with shareholders."