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.

That figure was made up of a basic annual salary of €1.1m — largely unchanged on the previous year — and pension contributions and long-term incentives.

On the back of a strong financial performance for the group — which grew out of the 2008 merger between IAWS and Swiss bakery giant, Hiestand — Mr Killian’s performance-related bonus marginally increased from €734,000 to €750,500.

On an overall basis, Aryzta’s total executive management team was awarded a total remuneration package of €8.03m. This was well down on the €18.3m shelled out in the previous financial year.

This decrease came despite the group recently reporting another strong set of annual results — including a 13% increase in earnings to €444.1m and an 8.5% rise in group revenue to €4.21bn.

At the publication of those results, last month, Mr Killian described the group’s latest full-year performance as “satisfactory”, given the ongoing challenging macro-environment, but warned of continuing weak consumer spending patterns and the impact of governmental austerity measures impacting on its under-performing European operations.

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