IL&P chief’s salary rises to €1m

DAVID WENT, the chief executive of Irish Life & Permanent, earned close to €1 million last year, according to its annual report for 2003.

Mr Went’s basic salary rose by 11% last year to €630,000 with his annual bonus rising from €223,000 to €278,000. When other perks and benefits are included the 57-year-old chief executive earned €946,000, up 15% on what he was paid in 2002.

However, Mr Went’s salary is relatively low compared to other financial institutions. His counterpart at AIB, Michael Buckley, earned €1.4m last year, while Michael Fingleton, the head of the Irish Nationwide Building Society, a much smaller institution was paid €1.2m.

Peter Fitzpatrick, IL&P’s finance director, saw his salary rise to €390,000, up 18%, and his bonus to €215,000 from €180,000, bringing his overall remuneration to €638,000.

Denis Casey, the head of Irish Life Retail, saw his package rise to €490,000 from €477,000 and Kevin Murphy, the boss of Irish Life Investment Managers, took home €473,000 for the year.

Brian McConnell, head of the banking arm Permanent TSB, was paid €475,000, a €20,000 rise year-on-year.

IL&P’s executive team were around a total of €3.02m in 2002, up only slightly on the previous, though there were exceptional payments to retiring directors which skew the figures somewhat.

The non-executive directors were paid a total of €595,000, up from €491,000 in 2002.

Former IDA boss Kieran McGowan who also sits on the board was paid €59,000 in fees. Budget Travel founder was paid €55,000 and former IAWS head Phil Lynch was paid €45,000 as a non-executive director.

Irish Life & Permanent reported a 10% fall in profits in 2003 after booking a loss on the sale of its US business. However, it upped its dividend by 7.4% to 51 cents.

More in this section

The Business Hub

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
Puzzles logo

Puzzles hub

Visit our brain gym where you will find simple and cryptic crosswords, sudoku puzzles and much more. Updated at midnight every day.

News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up

Our Covid-free newsletter brings together some of the best bits from, as chosen by our editor, direct to your inbox every Monday.

Sign up