Saturday 1 October 2016

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

Paul O'Donoghue

Published 05/10/2015 | 07:30

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

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.

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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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