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)