ICG chief gets €1m bonus in his 40% pay rise

IRISH Continental Group chief executive Eamonn Rothwell saw his pay sail 40% higher in 2007 after he pocketed a bonus of close to €1 million.

Mr Rothwell, who launched a failed bid to take over the ferry operator in 2007, was paid €1.42m up from the €1m package he received in 2006.

The company’s annual report shows that the bulk of Mr Rothwell’s remuneration was a performance bonus of €953,000 as the company saw its profits rise by 22%.

The other members of the executive management team — who backed Mr Rothwell’s buyout attempt — also received pay rises.

Finance director Gearoid O’Dea saw his pay increase to €526,000 from €400,000 and Tony Kelly (who runs the Irish Ferries division) got a €40,000 pay rise to €338,000.

Meanwhile, Mr Rothwell moved to keep his stake in the company at 16.1% after purchasing shares he had held through contracts for difference.

Mr Rothwell paid €16m for the shares.

After the passing of last Autumn’s takeover deadline for ICG, none of the rival bidders — which also including the Moonduster consortium of Philip Lynch’s One 51 group and the Cork-based Doyle Shipping group — could bid for the business for another 12 months.

Property tycoon Liam Carroll currently owns 29.75% of ICG.

The ICG annual report for 2007 also reveals that the company’s chairman, John McGuckian, and other board members received additional payments for their work in connection with the takeover battle.

Mr McGuckian’s payment was €150,000 on top of his regulator fees of €90,000.

Two other directors: Peter Crowley and Bernard Somers, each got an additional €95,000.

ICG shares closed up 1.2% at €22.60.