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.

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