Kerry Group directors paid €4.1m
The increase is well below the 27% rise CRH bosses received, the 21% pay increase AIB’s executive directors were awarded but above the 7.7% pay hike executive directors of Irish Life & Permanent (IL&P) received in 2004.
However, it was well above the 3% rise ordinary workers enjoyed under Sustaining Progress.
Chief executive Hugh Friel’s pay jumped to €1.15m (2003: €1.06m) and was made up of a basic salary of €630,000, performance related bonus of €320,000, benefit-in-kind of €30,000 and a €174,000 pension contribution.
Deputy chief executive Denis Cregan’s remuneration came to €969,000 (€899,000). Kerry Foods CEO Flor Healy’s total was €525,000 (2003 not disclosed). Kerry Ingredients Americas president and CEO Stan McCarthy’s package came to €787,000 (€633,000). Chief financial officer Brian Mehigan’s remuneration was €616,000 (€516,000).
The annual report shows Kerry Group employed 21,671 people around the world at the beginning of the year, up from 18,869 in 2003.
A total of 395 (374) are employed at management level, 1,765 (1,4547) in administration, 15,572 (13,436) in production, 3,456 (3,171) in sales and 483 (441) in other posts.
The total wage bill including salaries, social welfare and pension costs came to €771.9m in 2004 up from €666.3m in 2003.
The average payroll cost in 2004 was €35,620, compared to €35,314 in 2003.
The company spent €711.65m in the acquisition of a number of businesses. The company incurred exceptional restructuring costs of €41.1m integrating and restructuring these and existing businesses during the year. This was offset by the sale of fixed assets both plant and financial which realised €15.6m resulting in restructuring costs of €25.5m which came in at a nett €15.45m after tax credits €10.062m.
Gross restructuring costs included a €15.3m charge for plant closures and relocations, €13.85m to cover redundancies and contract cancellation compensation and write off of €11.66m on plant and other assets.
The company’s pension plans were in deficit to the tune of €189.5m in 2004 (€154.02m). Kerry Group have already indicated they will increase their annual contributions to reduce the deficit over a period of years.
