Greencore boss defends pay levels

Greencore’s new chairman has defended the high executive pay levels at the food group by saying the business has to compete with its peers in order to retain top talent.

Gary Kennedy did not take over from outgoing chairman, Ned Sullivan until after yesterday’s AGM, but was called upon by irate shareholders for his view on the high remuneration packages and the comparison with other Irish companies.

In Greencore’s last financial year — covering the 12 months to the end of September — CEO Patrick Coveney saw his remuneration top £1.46m (€1.7m), while chief financial officer, Alan Williams, saw his jump from £463,000 to £813,000.