Kerry Group lowers executive pay levels by 16%

Executive pay levels at Kerry Group decreased by just over 16% last year, despite further solid revenue and profit growth.

The Tralee-based group’s latest annual report shows its four-strong executive director team was paid a combined $8.81million (€8.25m) last year; down from just over $10.5m in 2015.

Outgoing chief executive Stan McCarthy — who is set to retire later this year and be replaced by Kerry’s current Asia-Pacific region boss Edmond Scanlon — saw his total remuneration fall 13% to $4m (€3.75m). While his basic salary rose from $1.33m (€1.25m) to $1.45m (€1.36m), performance bonus went from $768,000 (€720,194) to $1.35m (€1.27m), and his pension contributions rose 22% to $333,000 (€312,273); his share awards under the group’s long-term incentive plan fell from $2.14m (€2.01m) to $768,000 (€720,174) as the latest plan was wound up. Mr McCarthy’s other benefits remained unchanged at $109,000 (€102,212)

The head of Kerry’s core taste and nutrition division Gerry Behan saw his basic salary rise 2% to $851,000 (€798,170), but his overall package fell from $2.89m (€2.71m) to $2.24m (€2.10). Flor Healy, Kerry’s consumer foods chief, was paid just over $1.5m (€1.41m) last year, down from $1.9m (€1.78) in 2015.

In February, Kerry reported a 7.1% rise in trading profit — to €750m — for 2016 and a 3.6% increase in group revenue to €6.1bn and said it could spend up to €1bn on acquisitions this year without hurting its balance sheet.