IAWS chief’s pay packet totalled €1.19m

DEPARTING IAWS chief executive Phil Lynch was paid €1.19 million last year, according to the food group’s latest annual report.

Mr Lynch, who has since become IAWS chairman, was paid a basic salary of €520,000, a bonus of €519,000, pension contributions of €119,000 and benefits in kind of €37,000, bringing his total pay packet to €1.19m.

In 2002, Mr Lynch was paid a total of €1.03m.

New chief executive Owen Killian, who held the post of chief operating officer, saw his pay packet rise by 12% in the year to end September to €471,000. He can expect a major rise in his salary now that he has taken over from Mr Lynch.

Finance director David Martin received an 18% pay rise, with his total remuneration jumping to €622,000 to €526,000. Total pay for the executive directors rose from €2.2 million to €2.5m Non-executive directors were paid a total of €221,000.

Of this figure, outgoing chairman James Maloney received €50,000 in fees, while all the other non-executives, including Brian Davy of the stockbroking firm and former Dairygold boss Denis Lucey, received fees of €25,000 for the year.

This year has been the 16th year of rising profits for the firm with earnings up 17% to €82 million and turnover up to €1.25 billion.

Mr Lynch, 57, stepped down as chief executive after 16 years in the post. He is credited with turning the company from a mainly agricultural product firm into a leading international food company with brands like Cuisine and Delice de France. IAWS shares are trading at a yearly high and have risen by 28% so far this year.