Whopping 44% pay rise for Glanbia boss

GLANBIA managing director John Maloney booked a 44% pay rise last year.

Mr Maloney, who has been with the Kilkenny-based company for a decade, was paid €927,000 in total, the company’s annual report reveals, €285,000 more than a year earlier.

However, even with the substantial pay hike, Mr Maloney remains one of the lower paid Irish bosses despite the company’s size and growing profits.

Mr Maloney’s salary is equivalent to 23 times that of the average earnings of Glanbia’s employees. By contrast, CRH chief executive Liam O’Mahony earns 75 times the average employee’s wages at the building materials group.

Other Glanbia executives also received hefty pay rises in 2006. Kevin Toland, the chief executive of the company’s US operations, was paid €605,000. This was up €143,000 and included a €226,000 performance bonus. Finance director and deputy managing Geoff Meagher saw his remuneration rise to €569,000 (a rise of €149,000). Included in his pay package was a performance bonus of €206,000 or almost 80% of his basic salary.

Michael Walsh received €80,000 in fees for the part-time chairman’s role. Former deputy managing director Billy Murphy was paid fees of €57,000 as a non-executive director, the same amount as three other board members (John Callaghan, Jerry Liston and former civil service high flyer Paul Haran).