The new CEO of Bord Gáis Michael McNicholas is taking a €750,000 pay cut to take up the position.
Mr McNicholas’s former employer NTR paid him more than €1m last year according to figures in NTR’s annual report which showed that he received €536,000 in basic pay, a bonus payment of €345,000 and a pension contribution of €150,000.
A spokesperson for Bord Gáis confirmed that the new CEO’s pay package will be in line with the public service pay cap of €250,000.
“Mr McNicholas’s salary is €250,000 per year in line with Government policy on chief executive remuneration,” the spokesperson said.
Mr McNicholas brings a wealth of experience from the energy sector with him. He has overseen most of NTR’s transition from the waste sector to a renewable energy powerhouse. He has over 25 years’ experience in the energy industry, both in the semi-state and private sectors. He has held senior positions with responsibility for major infrastructure and capital projects, restructuring, managing regulatory environments and competing in open energy markets.
Bord Gáis chairman, Rose Hynes, said that the company was lucky to have secured a candidate of his calibre.
“I am very pleased that Michael is joining us as the new chief executive of Bord Gáis and we are very fortunate to have secured a person of such ability and experience. Bord Gáis is undergoing a significant transformation with the establishment of Irish Water and the sale of Bord Gáis Energy, and I am confident Michael will provide outstanding leadership in guiding the company into the next phase of its development.”
Despite taking a substantial pay cut, Mr McNicholas, who is originally from Mayo, said the new role was an honour.
“I am honoured to lead Bord Gáis, one of the most successful and innovative commercial semi-state organisations. I look forward to working with my new colleagues to address the challenges and opportunities that lie ahead, and I am committed to ensuring that Bord Gáis and Irish Water deliver a first-class service to our customers and meet the needs of our community and our shareholder,” he said.
NTR chairman Tom Roche paid tribute to his work with NTR and said a successor will be announced in due course.
Picture: Michael McNicholas: NTR paid him more than €1m
© Irish Examiner Ltd. All rights reserved
More in this section