Fyffes directors’ pay jumps by 23% to E3.6m
The payout was 23% up on what the directors received in 2003, with the five top executives sharing the bulk of the increases.
Group chairman Carl McCann was paid a total of E831,000, comprising a basic salary of E443,000, bonuses of E190,000 and other payments of E198,000. In 2003, he was paid a total of E686,000. David McCann, Carl’s brother and chief executive, was also paid E831,000 last year.
Neil McCann, who founded the company in the 1950s and retired as executive chairman in 2003, was paid 271,000. He remains a director.
Finance chief Frank Gernon got a E98,000 pay rise to E571,000, while corporate development director Jimmy Tolan’s salary increased by E93,000 to E546,000.
Former Aer Lingus boss Willie Walsh, who was appointed to the board last year, picked up E38,000 in fees. In 2004, Fyffes profits rose above E100 million for the first time, a 35% increase on turnover 11.5% ahead at E2.14 billion.
The report also shows that the pension fund deficit widened in 2004 to 18.6m from 9.5m.
Fyffes are locked in a legal fight with former shareholder DCC.
It alleges that DCC chief executive Jim Flavin, who was a director of the company, used price-sensitive information to illegally sell shares in Fyffes in 2000.
