Thursday 21 September 2017

Arzyta chief executive Owen Killian paid €3.9m

Peter Flanagan

Peter Flanagan

ARYZTA chief executive Owen Killian had his pay packet for last year nearly halved a year after his €7m earnings stirred huge controversy.

Mr Killian, who has led the speciality baker since it was formed in 2008, earned €3.9m in 2011/2012. That compared to a total of €7.13m the previous year.

While the executive’s basic salary remained unchanged at €1.3m, his bonuses were reduced significantly.

Last year he earned nearly €6m in bonuses and a long term incentive plan that matured, but fell to barely €3.6m in the last 12 months.

Aryzta has grown hugely in recent years, but its shareprice took a battering last week after the company reduced its guidance for 2013 and pushed back a long term earnings per share target of 400c.

The company posted operating profit for the 12 months to the end of June of €374.8m, an increase of 16.3pc year on year, while revenues climbed 11pc to €2.87bn.

Aryzta is best known in Ireland for the Cuisine de France line of breads and pastries.

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