The Ryanair business model is well known and though I think with a more customer centric focus could achieve significantly more than they currently do the figures speak for themselves.
If you move to long haul the operation has to change. hand luggage only? No inflight catering? No seat recline? No pre assigned seating? Acquiring EI gives him a starting point on which to expand. Change the EI model as required so.... Luggage charges, pre booked meal charge, IFE charge, etc etc but you don't confuse the public with the Ryanair model. Establish Charloi as a European hub and it makes sense at the right price.