Aryzta bosses' bonus pot hits €17m
Bakers may make a mint
Aryzta boss Owen Killian and his two-man executive team were conditionally awarded bumper bonuses worth close to €17m subject to hitting targets.
Killian, who masterminded the transformation of sleepy bakery and agribusiness firm IAWS into global croissant behemoth Aryzta following a €2bn merger in 2008, has been one of the highest-paid listed company bosses in Ireland in recent years.
Killian, Patrick McEniff and Pat Morrissey were awarded 330,000 shares currently worth €12.4m under the company's executive bonus scheme. These shares will vest in full if Killian and his team can grow the former IAWS firm substantially over the next three years. Killian was awarded 150,000 of these shares, currently worth around €5.7m, with McEniff and Morrissey sharing the remaining award.
The trio was also awarded 910,000 options under another bonus scheme. These options already show a paper profit of about €4.6m for Killian and his team. These options cannot be exercised unless Aryzta produces serious growth numbers.
Last year Killian, McEniff and Morrissey shared much of a bumper €25m payout as shares under a bonus scheme.
Almost 12 per cent of the company's shareholders did not back the Aryzta compensation plan at the annual general meeting last year.
Sunday Indo Business