Food group chief takes €3m pay cut as executive pay slashed by over €10m

Irish-Swiss bakery group Aryzta slashed its combined executive management pay levels by over €10m in its last financial year — a move which saw chief executive, Owen Killian, take a €3m pay cut.

In the preceding 12 months, Mr Killian became the highest paid head of a publicly-quoted Irish company when his total remuneration package rose by €2m to nearly €7.1m.

However, Aryzta’s latest annual report — for the 12 months to the end of July — shows Mr Killian’s total package fell to €3.86m.