Wednesday 22 November 2017

Icon boss Murray got a €11.3m pay package in 2015

Icon chief executive Ciaran Murray
Icon chief executive Ciaran Murray
Gavin McLoughlin

Gavin McLoughlin

Low-profile Icon chief executive Ciaran Murray received a pay package worth almost $12.65m (€11.29m at Friday's rates) last year, according to new filings.

The package far outstrips those of bosses of leading Irish-listed companies.

His 2015 pay consisted of a base salary of $1.24m, a bonus of $2.57m, a pension contribution of $155,000, "other compensation" of $39,000 and share-based compensation of $6.84m.

On top of that, he was paid $1.8m of a bonus relating to a long-term incentive plan (LTIP) adopted by the company in 2012.

Last year, he got a basic package of $12.2m and $2m of a bonus under the 2012 LTIP.

The figures are contained in Icon's annual report filed to the United States Securities & Exchange Commission. The report says the company's compensation and organisation committee seeks "to attract, motivate and retain key executives and to reward executives for value creation" via its compensation programme.

It adds: "The committee seeks to foster a performance-oriented environment by ensuring that a significant portion of each executive's cash and equity compensation is based on the achievement of performance targets that are important to the company and its shareholders."

Leopardstown-based, Nasdaq-listed Icon provides services aiming to help clients in the medical and pharmaceutical industries bring products to market more quickly. It helps companies to carry out trials and provides strategic advice.

Its market capitalisation is around $4bn (€3.6bn). By comparison, CRH has a market cap of over €20bn, yet its chief executive, Albert Manifold, had a pay package of €5.53m in that company's 2015 financial year.

Glanbia (which has a market cap of around €5.3bn) boss Siobhan Talbot had a package of €1.89m in 2015.

Murray, 53, joined Icon as chief financial officer in 2005 and served in that role until his appointment as chief executive in 2011.

Previously, he had worked at PwC, Kraft Foods, Novell and Northern Foods. In 2015, the company's full-year net income increased by 32.1pc to $239.5m and revenue rose 4pc to $1.575bn.

Murray told analysts that the results gave the company a solid platform on which to build for the coming year and that he expected revenue to rise 6pc to 9.8pc.

He said the company had "a pipeline with a number of interesting opportunities in it from the M&A point of view".

Sunday Indo Business

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