Wednesday 28 September 2016

Irish boss of Experian earns 20pc of predecessor's pay in first year

Published 14/06/2015 | 02:30

East Coast Bakehouse is investing 15 million euro in a biscuit manufacturing facility in Drogheda
East Coast Bakehouse is investing 15 million euro in a biscuit manufacturing facility in Drogheda

Brian Cassin, the Irish chief executive of credit-checking giant Experian, earned just a fifth of his predecessor's pay package in his first year in the job.

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Experian's newly released annual report puts Cassin's package for the 2015 financial year at €2.7m at Friday's exchange rates. His predecessor Don Robert received a €15m package in 2014.

The report says the discrepancy "illustrates the way Experian's remuneration structure is closely aligned with business performance which, whilst good in 2015, has not been as strong as in previous years".

Cassin, formerly Experian's chief financial officer, took up his job in mid-July - about a quarter of the way through Experian's last financial year. However, Experian annualised his remuneration figures in the annual report in order to provide a basis for comparison with Robert's package.

The report shows that in 2015 Cassin earned 40pc of the maximum he could earn under Experian's long-term performance incentive plan, while in 2014 Robert took home 94pc.

Cassin earned 38pc of the maximum bonus, with Robert earning 50pc in 2015. The Irishman also received a cash payment of £113,891, in lieu of part of his pension contribution.

In 2015 Experian's pre-tax profit fell 4pc to $1bn because of adverse currency movements.

In a statement accompanying the results, Trinity-educated Cassin said 2015 was "an important year of transition" for Experian.

"While foreign exchange is a headwind, at constant currency we expect margins for 2016 to be stable and to deliver further progress in benchmark earnings per share."

Cassin was formerly the managing director of investment bank Greenhill & Co, and has held senior roles at Baring Brothers International and the London Stock Exchange. Experian's website says he has "deep commercial acumen and a firm grasp of strategic objectives."

Sunday Indo Business

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