Geneva, 6 August 2021: Wizz Air Holdings Plc ("Wizz Air" or the "Company" and, together with its subsidiaries, the "Group") announces that it has signed a new long-term service agreement with József Váradi, the Group's founding Chief Executive Officer. The contract term is for five years and the terms of his service agreement are materially the same as his previous agreement with the exception of a new long-term incentive arrangement, the Value Creation Plan (VCP), which targets a 20% CAGR in the Group's share price over the next five years.
The VCP, together with a revised LTIP and new Senior Leadership Growth Plan (SLGP) were approved by shareholders at the Group's recent AGM. Wizz Air is also putting in place a new all-employee incentive plan.
Bill Franke, Wizz Air Chairman, commented: "We are delighted to announce a new long-term service agreement with József, 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 József 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. "