IN&M bosses share 18% pay hikes as staff suffer cuts

INDEPENDENT News & Media, which is in the process of shedding jobs from its Dublin newspapers, rewarded its executive directors with an 18% pay rise last year.

The five executive directors shared almost €7 million in salaries, bonuses and other fees, up from €5.88m in 2005, IN&M’s annual report states.

Chief executive Tony O’Reilly saw his pay packet rise by 23%, despite pre-tax profits slipping 8% to €250m. Dr O’Reilly, 70, was paid a paid salary of €942,000 and a bonus of €650,000. When pension contributions and other perks are thrown in, Dr O’Reilly was paid a total of €1.8m.