Kingspan CEO’s total pay packet cut by 19%

By Geoff Percival

Kingspan chief executive Gene Murtagh’s total pay packet fell by more than 19% last year, the specialist building materials group’s latest annual report shows.

While Mr Murtagh’s basic salary actually rose — from €698,000 to €770,000 — his total remuneration package declined by almost 19.4%, to €1.54m, as Kingspan’s slower earnings per share growth, in 2017, meant a smaller portion of performance-related bonuses were paid to executive directors.

In order for Kingspan’s executive team to qualify for 100% of their performance-related bonus, which stands at 150% of basic salary, the group must generate at least 30% earnings per share growth in the year.

While earnings per share grew by 33% in 2016, growth was just 10.6%, by comparison, in 2017.

Chief financial officer Geoff Doherty saw his total pay fall from €1.44m to just over €1.1m last year.

Total remuneration for Kingspan’s executive management team fell by 27% to €5.22m.

Kingspan grew revenues by 18% last year to €3.7bn and trading profit by 11% to €377.5m, while also proposing a final dividend of 26c which will, if approved by shareholders, boost the group’s annual payout to investors by 10% to 37c.

However, on the back of those results, last month, the group warned of increasing weaknesses in the UK insulated panels market, which represents 25% of group revenues, due to continued Brexit uncertainty.

Mr Murtagh recently said that he expects trading to pick up from a slow start in the first half of the year thanks to the group’s healthy order book.

More in this Section

Businesses advised to look to the East

Free trade pledge at G20 summit

Irish startup makes same-day delivery a retail reality

Central Bank vacancies ‘concerning’

Today's Stories

Tariff backlash a big worry for Irish businesses

Imbalance in economy still a concern

Hockey: Bandon bidding to complete first leg of treble

Kieran Bermingham: Na Piarsaigh give every game ‘best shot’


The biggest cancer killer will take your breath away

Hopefully she had an idea...

Power of the press: Meryl Streep and Tom Hanks discuss 'The Post'

More From The Irish Examiner