1989 Ryanair's business declined. Tony Ryan, the founder of Ryanair, persuaded his financial adviser Michael O'Leary to accept the position of CEO of Ryanair. After learning the experience of Southwest Airlines, Michael Oleary introduced the operation mode of low-cost airlines to Europe for the first time.
Ryanair has been the leader of European low-cost aviation market since its early development. Over the years, Ryanair has gradually developed into the most profitable airline in the world. After the 200 1 10 September 10 incident, the aviation industry was generally in trouble, and Ryanair still maintained its profit record, making profits for 12 consecutive years. In April 2003, it acquired BUZZ, a low-cost airline owned by KLM. In 2006, Ryanair's profit in the last fiscal year still increased by more than 30% year-on-year under the environment of rising oil prices and increasingly fierce competition in the industry. Ryanair is called "the most profitable airline in the world" by The Economist magazine. The Wall Street Journal called Ryanair's stock "one of the hottest airline stocks in the world"