Sunday 20 October 2019

Cairn Homes CEO sees remuneration increase by €123,000 in 12 months

Michael Stanley, CEO of Cairn Homes
Michael Stanley, CEO of Cairn Homes
Ellie Donnelly

Ellie Donnelly

The co-founder and chief executive of Cairn Homes, Michael Stanley, saw his remuneration increase by €123,000 in 2018.

Last year Mr Stanley benefitted from a total remuneration of €920,000, which included a basic salary of €425,000 and an annual incentive of €383,000, according to the Cairn Homes annual report.

In 2017 Mr Stanley’s total pay package amounted to €797,000.

Earlier this month the company, which is one of the country's biggest developers, announced it was looking for an institutional investor, or "cuckoo fund", to buy almost 300 apartments at a development outside Dublin.

The decision to target such a fund will mean first-time buyers are deprived of the chance to bid on the homes.

Meanwhile, last week the founders of Cairn Homes – including Mr Stanley – sold €22.8m worth of shares in the listed housebuilder.

In 2018 Cairn reported revenue of €337m. Its operating profit for the year was €53m.

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