Business Irish

Thursday 18 January 2018

FBD chief's pay falls by €135,000 as Glanbia boss sees €600,000 rise

More pay after promotion for Glanbia’s Siobhan Talbot
More pay after promotion for Glanbia’s Siobhan Talbot
Donal O'Donovan

Donal O'Donovan

The head of FBD saw his total pay package reduced by €135,000 last year, when the insurance provider swung to a an annual loss.

FBD chief executive Andrew Langford's total remuneration package, including salary, pension contributions and other benefits, was €538,000 in 2014, according to the insurer's annual report.

That was down from €673m in 2013 - a difference that was entirely down to the fact that he was not paid a performance bonus last year. His 2013 bonus was €135,000.

FBD reported a pre-tax loss of €4.5m for 2014, a huge swing compared to profits of €51.5m the previous year.

The report also shows that FBD chief financial officer Cathal O'Caoimh's total compensation fell to €336,000 last year. That was down from €435,000 in 2013, which had included a €100,000 bonus for that year.

Shares in FBD have been battered in recent months.

The company has blamed last year's performance on harsh winter storms in the early part of 2014, as well as a spike in insurance claims as the volume of traffic on the roads - and therefore the number of crashes - has increased.

In sharp contrast the boss at dairy giant Glanbia boss Siobhan Talbot saw her pay increase by €600,000 last year, after being promoted to the top job at the company in November 2013.

Collectively, the top four senior executives at Glanbia saw pay go up 8pc last year, according to the group's annual report.

Ms Talbot, one of only two women to head up an Irish publicly-listed company, saw her pay package increase from €1.03m to over €1.63m, including salary, pension contributions and incentives after her promotion from finance director to group managing director.

Ms Talbot's basic salary was €750,000 in 2014.

Sales rose 7pc at Glanbia last year to €3.5bn and the company is poised for a big push into export markets after the European Union axed milk quotas that had effectively frozen Irish milk output over the last 30 years.

Glanbia clocked up a fifth year of double digit growth in 2014, and reported profits of €173m.

Irish Independent

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