Aryzta chief executive's pay down from €7.13m to €3.9m
ARYZTA chief executive Owen Killian had his pay packet for 2012 slashed a year after making more than €7m.
Mr Killian, who has led the speciality baker since it was formed in 2008, earned €3.9m in 2011/2012, down from €7.13m in 2010/11.
While the executive's basic salary remained unchanged at 1.3m Swiss Francs (€1.1m), long-term incentives were cut back sharply.
In addition to his basic pay, Mr Killian received a performance related bonus of €750,000, up slightly on the previous year, but his compensation under a new long-term incentive plan (LTIP) was around two-thirds lower than 2011 at €1.8m. He also received pension contributions and benefits in kind of €226,000.
Last year he was awarded shares worth nearly €6m on an LTIP that matured in 2011.
That plan was based on Mr Killian growing the company either organically or through acquisitions.
A revised plan approved at last year's annual general meeting called for future incentive schemes to be weighted in favour of organic growth.
Aside from Mr Killian, Aryzta executives including chief financial officer Patrick McEniff shared a compensation pot worth some €4.2m.
Mr Killian's pay packet, along with the rest of the executive committee, will go to a vote at Aryzta AGM. That vote is not binding however.
Aryzta has grown hugely in recent years, but its share price took a battering last week after the company reduced its guidance for 2013.
It is best known in Ireland for the Cuisine de France line of breads and pastries.
Owen Killian: long-term incentives cut back