Aryzta chief has highest Irish pay

ARYZTA chief executive Owen Killian saw his total remuneration jump by around €5 million to €7m in the group’s last financial year, making him the highest paid head of a publicly-quoted Irish company.

According to the Irish-Swiss bakery group’s latest annual report, covering the 12 months to the end of July and published yesterday, Mr Killian’s total package amounted to 8.57m Swiss francs (€7m); up from 2.45m Swiss francs (€2m) in the previous year.

That figure consisted of a basic salary of 1.28m Swiss francs (€1.05m); benefits in kind of 83,000 Swiss francs; pension contributions of 191,000 Swiss francs; performance-related bonuses amounting to 894,000 Swiss francs and long-term incentives of 6.12m Swiss francs.

The incentive programme was awarded in shares and acts as reward for the group hitting financial targets over the past three years.

Total combined remuneration for Aryzta’s executive management team — which also includes chief financial officer Patrick McEniff; chief operating officer Hugo Kane; and general consel/company secretary Pat Morrissey — amounted to 22.15m Swiss francs; up from 6.25m Swiss francs in the previous year.

Aryzta recently published a strong set of full-year results, which included a 53.5% rise in group revenue (it also owns 71.4% of Dublin-based agri-services company, Origin Enterprises) to just under €2.6 billion; a jump from €253m to €333m in pre-tax profits and a 10% reduction in net debt to €955.5m.

In addition, Aryzta — which grew out of the 2008 merger between IAWS and Swiss bakery group, Hiestand — recently announced its intention to invest €100m per annum over the next three years on improving its internal efficiencies.

It is aiming for full-year earnings per share of around 338c for its current year, and hopes to raise above 400c by 2013. It also expects to boost group revenue by nearly €80m in its current financial year.

Separately, Aryzta denied talk that it plans to delist from the ISEQ exchange in Dublin. Currently, around 65% of the group’s shares are traded on the Swiss Stock Exchange, with the remainder traded on its secondary listing in Dublin.

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