Monday 26 September 2016

Ex-Shannon CEO was paid €255,000 in 2015

Published 29/04/2016 | 02:30

Former Shannon Group CEO Neil Pakey greets Chinese premier Li Keqiang who was visiting the midwest region last May
Former Shannon Group CEO Neil Pakey greets Chinese premier Li Keqiang who was visiting the midwest region last May

The outgoing chief executive of Shannon Group, the semi-state that controls Shannon Airport, was paid a total of €255,000 last year, according to its annual report published yesterday.

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Last December Neil Pakey announced his decision to step down as CEO when his contract expires this year. He is now on gardening leave. It's believed that tensions arose between Mr Pakey and Shannon Group chairman Rose Hynes.

The report shows Mr Pakey's basic salary was €174,530, and that he received benefit-in-kind worth almost €20,000. He also received defined benefit pension contributions of €61,250.

Revenue at Shannon Group, which also operates Shannon Heritage, totalled €65.6m last year. That included €37.7 from aviation and commercial activities; €14.2m from commercial property rental, management and development; and €13.5m from tourism activities.

It made a €7m operating profit after exceptional charges that included a €2.1m payment in settlement of the Irish Airlines Superannuation Scheme.

Shannon Group operates attractions such as Bunratty Castle, the GPO 'Witness History' venue; and Malahide Castle in Dublin. It had €30m in cash at the end of 2015 and is debt free. It has available debt facilities of €10m and has begun a five-year, €60m capital expenditure programme that will primarily benefit Shannon Airport.

The airport handled 1.7 million passengers in 2015, which was 5pc up on 2014.

"The investment programme is critical for correcting the historical investment deficit in infrastructure across our businesses, moving each of the businesses onto the next level and improving competitiveness," said Ms Hynes.

Planned projects include an overlay of the airport runway.

Irish Independent

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