The Dublin-based fruit distribution company reported a strong set of returns for their trading last year. The company, which is the former general produce arm of Fyffes, recorded a 2.3% increase in 2011 pre-tax profits, to €34.4m.
Following the company’s strong performance, the remuneration committee decided to pay the directors their annual salaries of €2.67m as well as a further €549,000 in share options.
Total Produce chief executive Rory Byrne received the largest pay package. He received pay of €897,000 which included a €250,000 pension contribution. On top of his salary, Mr Byrne also received shares valued at €175,000, taking his annual pay package to over €1m.
The chairman of Total Produce, Carl McCann, received €101,000 less from the company than last year. Mr McCann’s salary fell to €623,000. He also received €176,000 in shares under the company’s incentive scheme.
The reason for the fall in Mr McCann’s salary was due to his dual role as chair of Balmoral International Land and Total Produce. The €623,000 represented “the portion of his remuneration attributable to Total Produce plc”.
The director of financial strategy and development at Total Produce, Frank Gernon, received a pay package of €591,000 as well as shares valued at €81,348. His salary increased by €3,000.
Total Produce’s finance director, Frank Davis, was paid €563,000 as well as €116,000 in shares under the company’s short-term incentive scheme.
Mr McCann heralded the 2011 showing as “a solid performance”, given a number of challenges in various markets, including last year’s e.coli scare in mainland Europe which impacted on a number of salad lines.
“The group has performed satisfactorily, despite challenging conditions in certain markets,” he said.