Wizz Air CEO Varadi signs new 5-year contract

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."