C&C chief denies €17m bonus package is overly generous
Published 12/01/2010 | 05:00
C&C boss John Dunsmore has dismissed suggestions that he and his two lieutenants received overly generous bonus terms that will probably result in them netting as much as €17m from the company.
"Who gives a monkeys?" said Mr Dunsmore in an interview with an English newspaper when it was suggested that some observers thought the share-based incentive deal to be excessively lucrative.
"We went in primarily as investors and secondarily as managers," said Mr Dunsmore.
"The board effected an internal takeover and the shares are now 2.5 times higher. I would be unequivocal in saying the prospects and scopes of the business are miles higher than they were a year ago. For us it was a big bet at the time."
He made his comments in the 'Daily Telegraph'.
Mr Dunsmore replaced Maurice Pratt as chief executive of C&C, which owns brands including Bulmers cider in Ireland, as well as Magners and recently acquired Tennents.
Mr Dunsmore, Stephen Glancey, who's chief operating officer and group finance director, and strategy director Kenny Nieson, secured approval for a share-based incentive plan after they joined the group in late 2008. They now own about 4pc of the company.
The share incentive plan involves the issue of up to a total of 12.8m new C&C shares to the three directors at a price of just €1.15.
Last month, they were entitled to 4.2m of the shares. Half the shares will vest if the share price is higher than €2.50 for 20 of 40 consecutive days over a five-year period -- a condition that has already been achieved.
Mr Dunsmore is set to make as much as €7m over three years, while Mr Glancey will probably secure a total of €7m in shares. Mr Nieson would be entitled to shares worth €3.5m.