Friday 15 December 2017

FBD chief's pay hits almost €900k

Fiona Muldoon
Fiona Muldoon
Donal O'Donovan

Donal O'Donovan

Ex central banker Fiona Muldoon earned €898,000 last year as CEO of FBD Insurance, according to its annual report.

The next highest-paid executive director at the firm, John O'Grady, earned €184,000 - including a basic salary of €110,000.

Ms Muldoon's basic salary of €450,000 for 2016 was topped up by a bonus of €315,000, other benefits worth €43,000 and a €90,000 pension contribution.

The scale of her earnings may well take her out of contention in the race to succeed Richie Boucher as CEO of Bank of Ireland - where any newcomer's pay will be capped at €500,000 a year under government rules for bailed-out banks.

Until May 2014, Ms Muldoon was a senior regulator with the Central Bank, overseeing banks and insurers.

She was known for her outspoken and forthright approach. She hit the headlines during her time in Dame Street, when she compared top bankers to surly teens for their failure to get on top of the mortgage crisis.

She joined FBD in 2015 as chief financial officer and quickly progressed to the top job where she replaced Andrew Langford.

The report shows the insurer, whose biggest shareholder is farmer-controlled Farmer Business Developments PLC, paid Andrew Langford €179,000 for consultancy services provided between the start of February 2016 and the end of December. He took on the job after standing down as CEO in mid-2015 in the midst of a share price slide that followed a run of poor results, including two profit warnings in 2014.

Shares in FBD closed up 1pc yesterday at €7.98 each.

Irish Independent

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