Aryzta foods paid management team €12.8m in 2014, 70% more than 2013

Irish-Swiss baked foods producer, Aryzta paid its executive management team 15.5m Swiss francs (€12.8m) in the last financial year, a 70% rise on the previous year.

Aryzta foods paid management team €12.8m in 2014, 70% more than 2013

According to the group’s recently published annual report, chief executive Owen Killian — one of the highest paid heads of an Irish-related plc in recent years — took home a basic salary of almost 1.28m Swiss francs (€1.05m), unchanged from the previous financial year, but the mix of performance-related bonuses, long-term incentives and pension contributions boosted his 2014 remuneration package to 6.14m Swiss francs (€5.06m).

That marked a significant increase on Mr Killian’s 2013 package, which amounted to 4.34m Swiss francs in total. A jump from 780,000 Swiss francs to nearly 1.3m Swiss francs in performance-related bonus largely drove the increase.

The overall executive pay total — which also covers group chief financial officer/chief operating officer, Patrick McEniff and group general counsel and company secretary, Pat Morrissey — of 15.5m Swiss francs, was up from a total of just over 9m Swiss francs a year earlier.

Total executive team bonuses amounted to just over 3.2m Swiss francs last year; up from just 1.6m Swiss francs in comparison to the previous financial year.

Last week, Aryzta — which was formed by the 2008 merger of IAWS and Swiss group, Hiestand — produced a strong set of annual results, for the 12 months to the end of July.

The figures included a near 7% jump in group revenue to over €4.8m and a 19% increase in group earnings to €566m. Underlying net profits, for the year, amounted to €378m; 18.3% up on the preceding 12-month period.

The year saw particularly strong performances by Aryzta’s European and North American food divisions, which saw healthy revenue rises; but the rest of the world division was down — in revenue terms — by nearly 6% at €221m.

Speaking on the back of the results, last week, Mr Killian said the group had delivered a strong performance for 2014.

He particularly noted the underlying earnings per share performance — 17.25% up to 422.2c — in the final year of the group’s three-year transformation programme.

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