Glanbia executives share €1m bonus

THE three executive directors of consumer dairy food group, Glanbia shared combined performance-related bonuses of just over €1.05 million last year.

According to the Kilkenny-based group’s latest annual report — published yesterday — group managing director, John Moloney was paid a basic salary of e509,000 in 2008 and a performance-related bonus of e460,000.

Group finance director and deputy group managing director, Geoff Meagher’s annual salary came in at e306,000, with a performance-related bonus boosting his total remuneration package by another e284,000.

The group’s remaining executive director, Kevin Toland — who also heads up Glanbia’s US-based operations — was paid e326,000 in basic salary last year and received a performance-related bonus of e314,000.

However, each of the three directors did see a slight decrease in their total remuneration packages in 2008.

Mr Moloney’s total package came to e1.16m (compared to e1.19m a year earlier); Mr Meagher’s total pay amounted to e714,000 (compared to a 2007 total of e756,000) and Mr Toland’s package came to e767,000 last year, compared to a total of e876,000 in 2007.

Glanbia recently reported a strong set of full-year results for 2008, showing a 1% increase in group revenue to e2.23 billion and a near 21% rise in pre-tax profits before exceptional items were taken into consideration.

At the announcement of those results, last month, Glanbia also said that Mr Meagher would be stepping down from his dual roles and retiring from the company at the end of June, to be replaced by current deputy group finance director Siobhan Talbot.


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