Kerry Group directors take 14% pay cut despite growth
The directors had their salaries cut although they achieved over 10% growth in the year. A company spokesman said that despite the strong growth the directors hadn’t met their key performance indicators.
“The company enjoyed strong performance in 2011 but relative to the growth indicators achieved in 2010 the performance across the group’s key performance indicators metrics was slightly lower than those achieved in 2010. Currency translation have also effected the issue as well,” he said.
As a result of the changes the highest paid executive director, chief executive Stan McCarthy, has received €309,000 less than in 2010. Mr McCarthy’s salary, which was also affected by the dollar/euro exchange rate, fell from €2.1m to €1.8m.
Flor Healy saw his remuneration package fall by €225,000 to €750,000. Gerry Behan, whose salary was also impacted by currency fluctuations, saw his total pay fall from €1.16m to €1.08m. Brian Mehigan lost out on €57,000 as his salary fell from over €1m to €958,000 per year.
Payment to non-executive directors rose slightly. The 14 non-executive directors received €795,633 between them, up marginally from the €790,886 that they received in 2010.
The chairman of Kerry Group, Denis Buckley, said that technical innovation would continue to drive the company’s profits.
“The increasing scale and technological development of our global ingredients and flavours business continues to drive solid growth and enhance our customer alliance,” Mr Buckley said.
Kerry Group adjusted pre-tax profits of €449.1m for the year to end December, up 10.8% on the €405.4m for 2010.
Trading profit, meanwhile, reached what the company called a “milestone” level of €501m.
Kerry’s ingredients/ flavours unit grew sales by nearly 8% last year to €3.7bn, while its consumer foods arm grew revenue by 3.2% to €1.7bn, according to the figures released.
