Smurfit Kappa pays new chief executive €3.3m in annual pay

Packaging group Smurfit Kappa awarded its new chief executive a pay packet of €3.3 million last year.

Tony Smurfit, who took over from Gary McGann as chief executive in September last year, received a basic salary of €963,000, an annual cash bonus €303,000 as well as pension and other benefit worth €265,000.

The group's annual report shows Mr Smurfit, whose father, Michael Smurfit, was previously chief executive, also received long-term share awards worth nearly €1.8 million.

In his final year, Mr McGann received a total remuneration package worth €3.83 million. This comprised a basic salary of €842,000, a bonus €530,000 plus pension and other benefit worth €312,000.

He also received long-term share awards worth €2.15 million.

After 13 years in charge, Mr McGann, a former chief executive of Aer Lingus and a one-time director of Anglo Irish Bank, retired from Smurfit Kappa.

Ian Curley, the group's chief financial officer, received a pay packet worth €2.83 million last year.

This was made up of a basic salary of €764,000, a cash bonus of €241,000, and €211,000 in pension and other benefits.

Mr Curley also received long-term share awards worth €1.62 million

The group’s AGM will take place on May 6th.