Acting VHI chief paid €171,000 less than predecessor
Published 29/10/2011 | 05:00
THE newly-appointed acting chief executive of VHI is getting €171,420 less than his predecessor's controversial salary, it was confirmed yesterday.
Declan Moran, who is currently director of marketing and business development at VHI, will take over from outgoing chief executive Jimmy Tolan, who announced he would leave over his disagreement with Health Minister James Reilly's future plans for the insurer.
Mr Tolan, who was on a salary of €411,420, will not be receiving any exit package, a VHI spokeswoman said.
She said Mr Moran will remain on his current salary of €240,000 but this is being reviewed by the Government.
Asked if the new acting chief agrees with the government plans to break up the VHI into three separate companies, the spokeswoman said "no decision has been made on the future direction of VHI".
She said the priority of the company was to "develop and present a sustainable business plan and work towards achieving financial regulation when it will come under the responsibility of the financial regulator, along with its competitors.
"The acting chief executive will work positively with the board on issues as they arise," she added.
Mr Moran joined VHI in 1997 from the life and pensions industry.