Friday 22 September 2017

Coveney gets €2.2m as share bonus scheme pays out

Patrick Coveney, CEO of Greencore
Patrick Coveney, CEO of Greencore
Nick Webb

Nick Webb

Greencore boss Patrick Coveney bagged close to €2.2m last week as an executive bonus scheme paid out.

Under the deferred incentive plan, some 940,000 shares vested, with Coveney selling the lot of them for around €2.2m.

Greencore's share price has rocketed since Coveney switched its listing to FTSE two years ago, and continued the transformation of the former Irish state sugar company into a global sandwich and ready meal giant.

Coveney, whose brother Simon is the Minister for Agriculture, is sitting on a truly massive bonus pot, assuming he hits certain targets.

Last March he was conditionally awarded 658,417 shares under the company's performance share plan.

Greencore's shares have doubled in value since the conditional award, with Coveney sitting on a potential paper profit of €810,000 in just nine months.

He also has been awarded close to 2.3 million shares under a deferred bonus plan, according to the latest annual report. These shares are worth close to €4.65m, but need to be exercised at prices ranging from €0.65 up to €1.30.

Despite the major share price surge, Coveney was hit with a pay cut last year, with his non share based remuneration dropping from €1.73m down to €1.57m.

He received a €495,000 performance-related bonus.

Irish Independent

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