Former American Ireland Fund boss paid $645k for five months' work
Killarney man David Cronin stepped down from his role as chief executive and president of the AIF in May of last year. File Picture
The Kerry-born former boss of philanthropic organisation The American Ireland Fund (AIF) was paid $645,107 (€569,661) for five months of work last year.
Killarney man David Cronin stepped down from his role as chief executive and president of the AIF in May of last year after less than 12 months in the prestigious post.
New documentation lodged by the fund with the US tax authorities shows Mr Cronin received the $645,107 pay package for five months last year.
The total package includes a severance payout of $275,004 to Mr Cronin “per his voluntary separation agreement”, according to the documentation.
Mr Cronin only took up the role in June 2019 after his appointment in April of that year and departed from the organisation in May 2020.
It was reported at the time that Mr Cronin was leaving the New York-based role to return to Ireland for family reasons.
Prior to his appointment to head up the fund in 2019, Mr Cronin had worked in philanthropy, where he had raised $100m in his role as chief executive of the University of Limerick Foundation over a decade.
Mr Cronin’s 2020 pay also included a bonus of $70,000. Mr Cronin’s base pay totalled $286,767, and he also received $13,336 in non-taxable benefits.
Mr Cronin’s 2020 pay followed a pay package from June to the end of December 2019 of $345,522.
The major components of Mr Cronin’s 2019 pay were base pay of $250,962 and a bonus of $80,000.
Mr Cronin was replaced by Caitriona Fottrell, who took up her post on June 30, 2020, and was paid $237,274 for the year. That was mainly made up of base pay of $211,414.
Prior to her appointment, Ms Fottrell was the vice-president of the Ireland Funds and has worked with the organisation continuously since 1993.
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