| 5.2°C Dublin

Eircom bosses share a €28m pay packet


Eircom logo

Eircom logo

Eircom logo

Eircom chief executive Richard Moat and his management team shared a near-€28m pay packet last year, according to company documents.

Moat has led a transformation of Eircom since last December, when he replaced Herb Hribar after plans for an IPO had been scuppered by volatile markets. The formerly state-owned telecoms group reported a quarterly rise in revenues last week - the first such jump since 2008.

Last week, it emerged that former CEO Hribar had received the bulk of a €9.8m "termination payment" given to departing executives when the IPO was shelved. Eircom also spent €14m buying shares in a bonus scheme from the exiting management.

Last December, Eircom restructured its executive bonus scheme, stripping away a major incentive that was linked to debt reduction.

Management now holds 15.43pc of Eircom - up from 10pc last year - following a rejig of assorted incentive schemes last December.

Eircom rejected a €3bn takeover bid from an unnamed suitor last May.

Anchorage Capital is now the firm's largest shareholder with 37.9pc, while billionaire baseball team owner Jamie Dinan's York Capital has 15.2pc.

Eircom did not comment.

Sunday Indo Business