Former FBD chief Andrew Langford's pay packet totals €594,000

Former FBD chief executive Andrew Langford received €269,000 in lieu of working his notice period after resigning from the insurer last July as the company struggled with one of the most difficult periods in its history. 

That brought his total pay to €594000 for 2015.

Mr Langford, who had worked with the company for more than decade before assuming the role of chief executive which he held for seven years, unexpectedly left the company with immediate effect a month before FBD reported a record half-yearly loss of €96.4m.

The payment ensured Mr Langford’s total pay packet eclipsed his level of remuneration in 2014 despite being an FBD employee for just over half the year.

Mr Langford’s remuneration totalled €594,000 in 2015. Of this, his base salary accounted for €257,000 which was topped up with benefit payments of €19,000 relating to motor allowance and healthcare costs. The insurer also made a pension contribution of €49,000.

Consequently, Mr Langford enjoyed a €56,000 pay rise compared to the previous year, when he earned €538,000.

Mr Langford was replaced at the helm by former Central Bank senior executive Fiona Muldoon, who stepped up from her position as group finance director.

Ms Muldoon’s total remuneration came to €449,000 during a tough 2015 for the insurer.

The newly appointed CEO earned a base salary of €360,000, as well as receiving benefits of €29,000 and a pension contribution of €60,000.

FBD’s former chief financial officer, Cathal O’Caoimh, who remained on the board after the appointment of Ms Muldoon as group finance director in January 2015, was paid €297,000 for his services, including bonuses, pension contributions, and benefits.

Mr O’Caoimh was awarded a €37,000 bonus for the completion of a “strategic project” prior to his retirement from the company in September 2015.

FBD endured a torrid 2015, which culminated in a pre-tax loss of €85m.

The insurer’s losses were largely due to prior year claims of €96m that were flagged in its half-yearly results last August.

Ms Muldoon last month described 2015 as “an exceptionally difficult year” for FBD but added that the company had stabilised.