Business

Wednesday 17 September 2014

Glanbia top executives served up multi-million euro package

Sarah Stack

Published 13/07/2014 | 02:30

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SIOBHAN TALBOT: Ireland’s highest paid female executive
SIOBHAN TALBOT: Ireland’s highest paid female executive

THE top ten executives at food giant Glanbia have been served up a tasty bonus package worth up to €10m, with Siobhan Talbot taking more than a fifth of it.

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The group’s managing director, the only women at the helm of a large listed company here, saw €1.1m worth of shares vest under the scheme, with another €912,000 worth promised pending targets.

Raimund Hoenes, head of customised solutions, took more than €1m worth of shares, with chief executive Jim Bergin awarded more than half a million euros.

Shares in the Kilkenny firm have soared from €3.75 in September 2011 to a record high of  €11.63 earlier this month, and remained steady at €11.51 in Dublin on Friday.

Total revenue for the dairy and nutritionals group rose by 8pc to €3.28bn last year, with management forecasting a further growth  of up to 10pc this year.

The global leader in cheese, whey proteins and performance nutrition and ingredients - it processed 6bn litres of milk and 527,000 tonnes of cheese last year – saw earnings climb 5.5pc to €226.7m.

Expansion plans underway include a €50m investment in Chicago to capture the growing performance nutrition market there, and €15m  UHT (Ultra-Heat-Treated) facility to supply China, Europe and the Middle East with long-life liquid milk and cream.

Glanbia revealed the bonus shares were valued at €11.40, with 96,600 vest to Ms Talbot and 80,000 granted.

Other big earners included group secretary Michael Horan, Brian Phelan, head of global ingredients and Hugh McGuire, of its global performance nutrition division. Each saw 50,000 shares vest, worth €570,000, on top of  those pending .

More than half of million euro worth went to executives Colin Gordon, Jeff Williams, Jerry O’Dea and Colm Eustace.

Meanwhile Glanbia’s recently appointed group finance director Mark Garvey and Patrick O’Riordan, the chief science and technology officer, will be keeping their heads down after being promised future bonuses, worth €607,000 and €267,900 respectively.

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