Fyffes’ top bosses net €1.5m each

THE surge in profits at fruit importer Fyffes last year has been reflected in the pay packets of the company’s top bosses.

Fyffes’ chairman Carl McCann and his brother David, the chief executive, netted €1.5 million each last year, the company’s annual report reveals.

The pay deals are nearly double what the brothers received the previous year and the total is higher than the entire pay of Fyffes’ executive directors in 2004.

The brothers were each paid a basic salary of €460,000 and performance bonus of €200,000.

They each received pension contributions of €594,000 (€528,000 more than in 2004) and €230,000 under the company’s short-term incentive plan for senior management.

Finance director Frank Gernon was paid €933,000, up €362,000 on 2004.

His package was made up of salary of €300,000, bonuses of €305,000 and a pension contribution of €311,000.

Jimmy Tolan, the firm’s development director, received a €363,000 pay rise. The largest element of his pay was a €307,000 contribution to his pension fund.

Non-executive directors Gerry Scanlon and Willie Walsh were paid €70,000 and €42,000 respectively.

Neil McCann, the company’s founder, was paid €260,000 for acting as a consultant.

Overall, the board shared remuneration of €5.5m, up from €3m in 2004.

Fyffes said that 2006 will be a difficult year. It is facing a €40m hit from the changes to the EU banana market and a €15m increase in general costs.