Merrion hikes pay despite hefty losses

Directors’ pay levels at Dublin-based drug development company, Merrion Pharmaceuticals increased by almost €700,000 last year, despite the company’s net losses doubling.

The company — which underwent management changes during 2011 and began a new strategic cost-cutting plan — paid its board of directors a combined total of nearly €1.38m for the year. This figure was up on the combined remuneration of €696,684 in 2010.

Former chief executive John Lynch pocketed €804,343; up from a total package of €404,684 in 2010. His replacement, Jonathan O’Connell — who was formerly Merrion’s chief financial officer — saw his package total €357,689. The basic salaries of those two executive directors amounted to €685,429 and €295,845, respectively.