Business Irish

Sunday 4 December 2016

Kingspan's Murtagh paid €756,000

Published 14/04/2010 | 05:00

The chief executive of insulation maker Kingpsan, Gene Murtagh, received a total pay package of €756,000 last year, unchanged from 2008. The figure was revealed in the company's annual report, which was published yesterday.

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The overall wage bill for the company's executive directors, at over €3.3m, was 6pc higher than the €3.1m paid in 2008. Just two executive directors received bonuses last year.

Russell Shiels, who is president of Kingspan's raised access flooring business in the United States, was awarded a €220,000 performance bonus on top of his €279,000 salary.

Peter Wilson received a €148,000 bonus on top of his €247,000 salary.

Mr Wilson is managing director of Kingspan's insulation unit.

Total non-executive pay totalled €634,000. That included €58,000 paid to Danny Kitchen, who joined the board in March last year. Mr Kitchen is also the chairman of the soon- to-be-extinct lender, Irish Nationwide.

Kingspan generates much of its revenue in the UK, and it has been hit hard by the downturn in property construction in Europe and elsewhere.

Mr Murtagh has described the state of the Irish construction market as "tragic".

Its operating profit tumbled 60pc to €62.7m last year on the back of a 33pc decline in turnover to €1.12bn. The group has been aggressively cutting costs and debt over the past 18 months.

The company's annual report states that Kingspan is in "good shape" as it moves into 2010.

Irish Independent

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