AN Irish businessman has seen his take-home pay drop to just €3.5m in 2013, half the level of two years ago.
In 2011 Aryzta chief executive Owen Killian’s reaped €7m in pay, bonuses and shares, as he led the transformation of bakery group Aryzta into a global player.
This year his basic pay was actually unchanged at CHF1.277 (€1m) but lower bonuses saw total pay for the year fall to CHF4.339m (€3.5m) from CHF4.678m, according to the annual report published today. That pay deal is down from €7m in 2011.
The big drop is because no big award of shares was made to the executive over the last year, and no old share awards were cashed in.
Share deals had been awarded after Owen Killian and his team were credited with transforming Aryzta from an Irish-focused firm into a global player that had revenues of over €3bn in the year to the end of July.