Friday 24 October 2014

Only way is up for Total Produce despite pay cuts

Published 17/04/2014 | 02:30

TOTAL Produce's top people took pay cuts in 2013, the company's latest annual accounts reveal. Three of the company's four executive directors took home less last year than they did in 2012.

Chief executive Rory Byrne's pay fell from €906,000 to €897,000, now-retired Frank Gernon's pay was down from €559,000 to €336,000 (though this reflected his stepping down from the company in July 2013), and financial director Frank Davis's remuneration dropped from €588,000 to €563,000.

Chairman Carl McCann was the only executive director to receive a boost in pay last year, the food supplier's annual accounts reveal – but this related to an increase in the time he devoted to Total Produce. Mr McCann took home a total pay package of €712,000 in 2013, up from €623,000 the year before.

Despite what these falls in pay suggest, the company's 2013 results were well received. Sales rose by 13pc to €3.2bn while pre-tax profit saw similar increases, up 12.5pc to €52.9m.

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