Origin executives share in a €21m pay day
Executives at Origin Enterprises have bagged a €21m performance reward, the company confirmed on Friday.
Beneficiaries include Origin's chief executive Tom O'Mahony and chief financial officer Brendan Fitzgerald along with executive board members.
The agrifoods group awarded the multimillion bonus through a long-term incentive plan that saw senior people share over €5m of company stock. These execs stand to get a further €3.5m between them in April 2013.
Those benefiting also include executive directors and senior people that have been with the company for five years up to March 2012, 50 people in total, amounting to an average of €420,000 each.
"The shares were earned following the achievement of demanding financial targets over the past five years," Origin's spokesman said.
"During this period turnover grew by 60 per cent to €1.3bn with profits more than doubling, whilst the group repositioned its business profile to a focused agri-services model. Compound earnings growth of 16.9 per cent per annum was achieved over the five-year period."
The bonus scheme is unusual in its reach beyond board level to include a wide number of senior management, its spokesman also said.
Majority-owned by Swiss food giant Arytza, Origin's revenues and profits have grown strongly this year. It cut its debt by €24m to €68m.
Sunday Indo Business