Ryanair Holdings plc announced plans for a corporate restructuring after posting net losses of €20m in the third quarter.

The low-cost airline plans to move to a "group structure not dissimilar to that of IAG," with a small management team overseeing the development of its subsidiaries Ryanair DAC, Laudamotion, Ryanair Sun and Ryanair UK. The subsidiaries will focus on "efficient capital allocation, cost reductions, aircraft acquisitions, and small scale M&A opportunities."

Micheal O'Leary will no longer head the airline itself, instead serving as the CEO of the whole group for at least another five years. Chairman David Bonderman will step down in 2020 to be replaced by board member Stan McCarthy.