IN&M directors paid €8.1m as profits rise
The company’s annual report for 2004 reveals that chief executive Tony O’Reilly was paid a total of €1.31m, up €91,000. The package was made up of a salary of €866,000, performance bonus of €400,000 and other fees of €51,000.
Dr O’Reilly stepped down as executive chairman last July to become the full-time chief executive. The former Heinz boss has been involved with IN&M for 32 years and is the largest shareholder, with a 27% stake.
Dr O’Reilly’s son Gavin, the company’s chief operating officer, saw his pay break through the €1m barrier for the first time.
He was paid a salary of €561,000, bonus of €350,000 and received other fees and perks of €204,000. His overall remuneration was 13% higher than his 2003 package.
Ivan Fallon, the man responsible for the company’s British operations, received a €35,000 pay rise to €979,000. Mr Fallon has turned around the fortunes of the London Independent newspaper, which has seen circulation rocket by 20% since it switched format from broadsheet to tabloid.
Finance director Donal Buggy was paid €747,000 in 2004, up 41% year-on-year, while Vincent Crowley, the head if the group’s Irish business, earned €975,000.
Brendan Hopkins, who runs APN News & Media, its Australian subsidiary, was paid €1.47m, up 37%.
Brian Hillery, the company’s new chairman, was paid €72,000 in fees. Liam Healy, a veteran director of the company, was paid €279,000 for his part-time role at the company.
Chuck Daly, who is a director of the American Ireland Funds, was paid €142,000, while Vincent Ferguson, the senior independent director, received fees of €156,000.
Senator Maurice Hayes, another veteran director and a columnist with the Irish Independent, was paid €58,000.
Former Canadian prime minister Brian Mulroney, who joined the board last year, was paid €81,000 and Baroness Jay, the former British cabinet minister and the daughter of the late Jim Callaghan, received €96,000 in fees.
Last year was a good year for the Independent group.
Turnover rose by nearly 15% to €1.55 billion on the back of strong advertising and circulation, with profits rising by €67m to €189m.
