Kerry Group chief receives €1.75m

CHIEF EXECUTIVE of Kerry Group Stan McCarthy saw his total remuneration package increase by almost 15 per cent last year to €1.75 million in 2009, his second full year in the post.

The group’s annual report shows that the bulk of Mr McCarthy’s remuneration package consisted of a performance-related bonus of €833,000. This was in addition to a basic salary of €810,000 and benefit in kind and pension payments.

The company’s other executive directors also received pay increases. Group financial officer Brian Mehigan’s total remuneration package increased by 15 per cent from €846,000 in 2008, to €978,000. The group paid Flor Healy, head of Kerry Foods, €1.063 million in 2009, an increase of 18.6 per cent on the previous year, while Gerry Behan, head of Kerry Ingredients Flavours business in the US, saw his earnings almost double to €1.131 million, from €575,000 in 2008.

Total payments to the company’s 11 non-executive directors fell slightly from €800,550 in 2008 to €789,760 last year.

The details, contained in the group’s annual report, come six weeks after Kerry Group reported a 6 per cent increase in profits before tax and non-trading item to €335.8 million for 2009. Revenues at the group fell on a like-for-like basis to €4.5 billion in 2009, down 4.8 per cent, although the group said that, allowing for the elimination of non-core activities, lower pricing and trading currency movements, continuing business volumes were 2.2 per cent ahead.

Mr McCarthy said the Kerry business model performed “robustly” in 2009.