United Drug rewards directors

DIRECTORS’ pay at United Drug shot up by 67% last year, the company’s annual report for 2004 reveals.

The 13 executive and non-executive directors received a total of €3.2 million in the year to end September 2004, up from €1.91m the previous year.

The company’s chief executive Liam FitzGerald was the higher paid director. He saw his total pay packet jump from €411,000 to €495,000.

His package included a basic salary of €300,000, performance bonus of €168,000 and benefit in kind of €27,000.

Chris Corbin, who heads United’s Ashfield Healthcare arm, was paid €416,000. His pay consisted of a salary of €219,000, bonus of €147,000 and other benefits.

Philip Caffrey, who stepped down as a director after 30 years with the company, was paid €211,000, down from €299,000 the previous year.

Stephen Simms, who is due to leave United Drug at the end of March, saw his pay rise from €248,000 to €263,000.

Finance director Barry McGrane took home €295,000, up €66,000 on his 2003 pay. He received a €101,000 performance bonus.

United Drug’s long-time chairman Martin Rafferty got €140,000 in fees, a €14,000 rise.

United Drug reported 2004 pre-tax profits of €42.4 million, up from €35m the previous year.