Tuesday 22 August 2017

Tommy Breen nearly €3m richer after DCC share sale

DCC boss Tommy Breen.
DCC boss Tommy Breen.
Gavin McLoughlin

Gavin McLoughlin

DCC boss Tommy Breen is almost €3m richer after selling off 40,000 shares in his company.

Documents filed to the Irish Stock Exchange show the transaction took place last Monday. DCC declined to comment.

The sale of the shares came days after the low-profile Breen exercised options over 10,000 shares granted as part of a DCC employee-share option scheme.

He now holds 220,744 DCC shares - valued at over €15m.

Queens-educated Breen is one of the highest-paid Irish chief executives, taking home €3.85m in the conglomerate's last financial year.

He's been with the company for almost three decades, holding a number of senior management positions and becoming chief executive in the summer of 2008. Previously he worked at professional services firm KPMG.

His Dublin-headquartered, London-listed company has embarked on an aggressive acquisitions strategy in recent years. In its most recent interim management statement, DCC said it expects to complete a €464m acquisition of French bottled gas company Butagaz in the last three months of this year. Its share price hit a record high of £53.20 earlier this year on the back of the deal's announcement.

"DCC remains ambitious to continue the growth and development of its business. The recent successful equity placing further enhances DCC's strong equity base and together with a strong and liquid balance sheet leaves it well placed to continue the development of its business in existing and new geographies," the company said.

However, the company said the performance of its technology arm was behind budget. "The business in the UK continues to be impacted by the weak tablet market and by reduced sales of mobile computing and smartphone products of one large supplier," it said.

The transaction came after a Sunday Independent analysis of the largest Irish-listed companies showed that directors and managers sold more shares in the businesses in the past two years than they've bought.

The directors and managers sold off €32.8m worth of their own companies' stock between July 1, 2013, and June 30, 2015. In the same period, board members and executives bought €9.1m of shares. Aryzta boss Owen Killian shifted €20.6m of his firm's stock in a few days but even leaving that transaction out, the overall tally shows directors sold more than they bought in the period.

Sunday Indo Business

Also in Business