Saturday 23 September 2017

Aryzta executives total pay packet drops by almost €10m in 2015

Pictured is Chief Executive Officer Owen Killian briefing media
Pictured is Chief Executive Officer Owen Killian briefing media

Paul O'Donoghue

The total remuneration packages for executives at Swiss-Irish bakery giant Aryzta dropped by about two thirds to 5.2m Swiss Francs (CHF) in the company’s 2015 financial year.

That is according to the company’s annual report, which was published this morning. The executive remuneration packages of €4.8m compares to total executive pay of CHF15.5m (€14.2m) in 2014.

Chief executive Owen Killian saw his total compensation package drop from CHF6.1m (€5.6m) to CHF 1.9m (€1.7m). While his basic salary of CHF1.3m (€1.2m) remained the same, Mr Killian was not awarded any performance related pay, which had amounted to CHF1.3m in 2014.

Mr Killian also received CHF3.3m (€3m) in the company’s 2014 financial year from the vesting of the company’s executive management long term incentives scheme. This dropped to just over CHF300,000 (€275,000) in 2015.

Shares in the company slumped recently on the back of a disappointing series of annual results.

Underlying net profits dropped to €360m in the 12 months to the end of July, a fall of 4.7pc.

Despite a 12.6pc increase in sales to €3.8bn underlying revenue also dropped by 2.2pc.

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