Ryanair cofounder Tony Ryan dies at age 71

Ryanair cofounder Tony Ryan dies at age 71
Tony Ryan, a co-founder of European discounter Ryanair, died in his home Wednesday at the age of 71, AFP reports. His death came after a long and undisclosed illness, according to media reports. Ryan founded an aircraft sales and leasing outfit called Guiness Peat, which The Associated Press says during the 1980s "became the largest aircraft-leasing operation in the world." A Bloomberg News report in The New York Times (free registration) says "although Guinness Peat (ultimately) went on to amass debt after a failed share sale in 1992, it provided Mr. Ryan with the money to start Ryanair, replicating the low-cost model pioneered in the United States by Southwest Airlines."

As for Ryanair, its first flight came in 1985 with the company flying a single 15-seat aircraft between London Gatwick and Waterford in southeastern Ireland. Today, the airline has become one of Europe's top carriers, flying more than 500 routes with a market value of about $11.3 billion, "almost matching that of its full-service rival, British Airways," according to Bloomberg. Ryanair CEO Michael O'Leary, described by AP as "a Ryan protege," says "it was a privilege to work for him and to learn from him. … We are all determined that Ryanair will continue to carry his name with pride and distinction." Irish Prime Minister Bertie Ahern adds that Ryanair's "rise to become one of the leading carriers in Europe is one of the greatest Irish economic success stories and will be rightly regarded as perhaps his greatest legacy."