Building materials firm bosses paid like kings

EUGENE MURTAGH, who stepped down as chief executive of building materials group Kingspan, earned just shy of €1 million last year.

According to the company's annual report, Mr Murtagh, now the chairman, earned €980,000 in 2004, a €267,000 rise on what he was paid the previous year.

His pay comprised a basic salary of €420,000; bonus of €210,000; pension contribution of €315,000 and other fees of €35,000.

Mr Murtagh was the highest paid executive in the Cavan-based company.

Overall, the 12 directors were paid €5.07 million for the year, up from €4.06m in 2003.

Mr Murtagh's son Gene, 33, who took over as chief executive, was paid €601,000 an 88% increase. Gene Murtagh is the youngest-ever chief executive of a listed company in Ireland.

Eugene's brother Brendan and Kingspan's corporate development director, was paid €972,000, up from €729,000 the previous year.

He was paid a salary of €380,000; pension contribution of €369,000; a bonus of €190,000 and other fees of €33,000.

Finance chief Dermot Mulvihill pocketed 702,000, up from 523,000.

The packages consisted of a salary of 275,000;

pension contribution of 267,000; a bonus of 138,000 and benefit in kind of 22,000.

Jim Paul, who is managing director of the company's structural and off-site division, was paid €462,000 for the year, up by €142,000.

Russell Shiels, who heads the raised-floors arm in the US, saw his pay rise by just over a third to €456,000.

The head of the insulation business, Peter Wilson, received a €200,000 pay hike to €381,000, while Noel Crowe, who was made an executive director in 2004, took home €316,000.

The four non-executive directors received €202,000 in fees, down from €214,000 the previous year.

Kingspan reported operating profits of €102 million for 2004 on sales of €958m.