Grafton chief turns down bonus, pension payments despite rise in sales and profits
GRAFTON Group executive chairman Michael Chadwick declined a pension allowance payment of €307,000 last year and also told the board he didn't want a bonus, according the Woodies DIY owner's annual report published yesterday.
Mr Chadwick, who recently announced that he'll step down from his executive role in the summer, was paid a basic salary of €635,000, and other benefits totalling €30,000, last year.
But his two leading lieutenants didn't follow the example of their boss, and received substantial bonus and pension payments as the group posted a 1pc rise in sales to €2bn last year and an 88pc increase in pre-tax profits to €25.6m amid challenging trading conditions.
Outgoing chief operating officer Leo Martin was awarded a €100,000 bonus on top of his €490,000 basic pay, while he also received a €294,000 pension allowance.
An additional €45,000 in other benefits brought his total package for the year to €929,000, compared to €825,000 in 2009.
The company's finance director, Colm O Nuallain, was awarded a €300,000 bonus in addition to his €500,000 pay packet.
He also received a bumper €337,000 pension allowance payment, while extra benefits totalling €22,000 raised his entire 2010 remuneration to nearly €1.16m -- up over 35pc on 2009.
Gillian Bowler, who last week announced that she's stepping down from the Grafton board after 16 years as a non-executive director, was paid €70,000 by the company last year.
Mr Chadwick, who will become non-executive chairman at Grafton this year, directly owns 8.5pc of Grafton, and prior to 2010 had waived over €1.3m in salary, bonus and pension entitlements.
A family trust overseen by Mr Chadwick also owns a substantial amount of additional shares in the company.