New man at the helm of €13bn Kerry Group
The €13bn Kerry Group has selected company lifer Edmond Scanlon as its new chief executive.
From Brosna in Co Kerry, Mr Scanlon (43) will succeed Stan McCarthy in the role at the food and ingredients giant. Mr McCarthy has been chief executive since 2008, and is retiring this year as he turns 60.
Mr Scanlon grew up on a dairy farm in Brosna. He studied commerce and accounting at University College, Cork, before joining Kerry Group’s graduate programme in 1996.
Kerry chairman Michael Dowling said that the chief executive role is “not the easiest job in the world” and that Mr Scanlon has “big shoes to fill”.
It will also put Mr Scanlon in line for a huge pay rise.
Mr McCarthy was paid a total of $4.6m (€4.3m) in 2015. That included a basic salary of $1.3m, a performance-related bonus of $768,000, benefits of $109,000; and pension contributions of $273,000. He also received $2.1m worth of share options under the group’s long-term incentive plan.
Since joining the group, Mr Scanlon has held a number of roles at the international food and ingredients company, and is currently the chief executive of Kerry’s Asia-Pacific operations.
He told investors in London yesterday that he is “honoured and a privileged” to be appointed chief executive at the group, which employs 23,000 people around the world and yesterday reported revenues of €6.1bn for 2016, and a €750m profit.