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Former Glanbia boss Siobhán Talbot nets close to €8m last year

Former corporate executive’s remuneration boosted by sharp increase in long-term incentive awards

Former Glanbia managing director Siobhan Talbot earned €7.95m in total compensation last year. Photograph: Dara Mac Donaill/The Irish Times

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Tue Mar 12 2024 - 06:00

As the now former Glanbia managing director Siobhán Talbot takes a well-earned break after a decade at the helm of the Kilkenny-based listed food group, she can do so on the back of earning a total pay package of €7.95 million last year.

The newly published Glanbia annual report shows that Talbot, who ended her term in the top job on December 31st, earned a basic salary of €1.144 million last year, up €38,000 on 2022. While an annual cash bonus and deferred shares of €1.4 million each were up a little but on a year earlier, the big change came with Ms Talbot’s long-term incentive plan (LTIP). That enabled her to receive €3.49 million, up from €2.2 million the year before. Overall, she took home a little bit more than €1.6 million more than she did in 2022.

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It was also a good year for chief financial officer Mark Garvey, who saw his overall package jump to €3.6 million from €2.9 million in 2022, driven largely by an increase in his LTIPs, which increased to €1.5 million from €974,000.

While it’s undoubtedly a fair amount of money to be taking home, most Glanbia shareholders won’t be complaining too much.

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The stock gained about 25 per cent during 2023, slightly ahead of the wider Iseq Overall Index. In her time in charge, Talbot turbocharged a transformation of the business that had begun under her predecessor John Moloney, pivoting the company away from dairy into essentially a US-focused consumer fitness behemoth known for its supplements such as Optimum Nutrition.

The so-called shareholder spring of a few years ago, when some investors voted against company pay awards to its top executives, seems to have passed for now, and despite activist investor Clearway Capital’s call for a break up of the business, there has been little indication that Glanbia under new chief executive Hugh Maguire is preparing to take that advice.

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