Friday 25 July 2014

GE Aviation directors to share a pay pot of €11.2m

Gordon Deegan

Published 28/06/2014|02:30

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GE Capital Aviation Services directors shared a pay pot of €11.2m. (THINKSTOCK IMAGES)
GE Capital Aviation Services directors shared a pay pot of €11.2m. (THINKSTOCK IMAGES)

The 14 directors of the Irish arm of the world's largest aircraft leasing firm last year shared a pay pot of $15.27m (€11.2m).

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GE Capital Aviation Services Ltd (GECAS) is based at Shannon and new figures lodged with the Companies Office show that pre-tax profits last year reduced by 31pc to $84.9m.

The drop came in spite of revenues increasing by 18pc to $260.1m in the year to the end of December 31 last.

The $15.27m payout includes $6m in bonuses, $6.46m in salaries, $1m in pension payments, $1m in share-based payments and $624,000 in benefits-in-kind.

The firm increased its operating profits more than seven-fold last year from $4.1m to $31.79m. The decrease in pre-tax profits is attributable to dividends received from five subsidiaries reducing.

The return shows that eight of the directors are Irish: Seamus Fitzgerald, Sean P Flannery, Declan Hartnett, Diarmuid Hogan, Diarmuid Hyde, John Ludden, Deirdre Norris and Gerry Kenneally who stepped down from the board last September.

Irish Independent

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