Glanbia chief given 35% rise

GLANBIA managing director John Moloney was given a 35% pay rise in 2003.

Having taken a cut in pay in 2002, Mr Moloney saw his pay jump from €466,000 to €631,000 last year, according to the company’s annual report. His package consisted of a basic salary of €329,000, bonus of €216,000 and pension contributions of €76,000. He has been managing director since June 2001.

Finance director Geoffrey Meagher got a 13% increase in his remuneration, rising from €381,000 to €431,000.

Deputy managing director Billy Murphy’s package rose by a similar amount from €393,000 to €450,000.

Kevin Toland, the group development director who only joined in January 2003, was paid €434,000 for the year.

The total amount paid to executive directors for the year increased from €1.2 million to €1.9m.

Tom Corcoran, who chairs the Kilkenny-based group, saw his fees remain flat €70,000. John Callaghan received fees of €38,000, Jerry Liston €22,000, and Ned Fitzpatrick €13,000.

For 2003 Glanbia saw turnover fall by nearly 12% to €2.04 billion and operating profits rise by 1.4% to €92m. The company attributed the drop to the restructuring of its operations.