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Murtagh gets €1.39m as total Kingspan pay for execs jumps 35pc

Kingspan chief executive Gene Murtagh was paid a total of €1.39m last year, virtually unchanged on the figure for 2010.

The Cavan-based insulation maker published its annual report yesterday. It shows that total executive remuneration at the firm jumped over 35pc last year to nearly €6.4m.

Mr Murtagh was paid a €635,000 basic salary, the same again as a bonus and received €95,000 in pension contributions. The split was the same in 2010.

Mr Murtagh's father Eugene, who is chairman of the company, was paid a total of €335,000 last year which included €191,000 in fees and €143,000 as a pension. He was previously chief executive of the group.

Last month, the chairman sold €41m worth of shares in the company, leaving him with an 18pc stake.

There were a number of board changes at Kingspan last year. Geoff Doherty joined the company and its board in January 2011 as chief financial officer. He had been CFO at Greencore.

He was paid a total of €1.13m last year. That included a €490,000 basic salary, a €490,000 bonus and €123,000 in pension contributions.

Dermot Mulvihill, the former chief financial officer, retired as a director at Kingspan in May last year and from his executive role at the end of August. He was paid a total of €1.1m last year compared to €1.4m a year earlier.

Pension contribution

Mr Mulvihill's remuneration last year included a €279,000 basic salary, a pension contribution of €406,000 and a retirement payment of €400,000.

The annual report notes that he also received 148,760 shares in "satisfaction of a prior contractual obligation". They were purchased by the company for him at a cost of €6.05 a share, for a total of almost €900,000.

Another director, Noel Crowe, who was the managing director of Kingspan's insulated panel business in the UK and Ireland, also resigned last year.

He resigned as a director at the end of August and from his executive role in November. He was paid a total of €781,000 last year, including a €257,000 basic salary, a €309,000 pension contribution and a €201,000 retirement payment.

He was replaced by Gilbert McCarthy, who joined the board last September. He was paid a total of €541,000 last year, including a €250,000 basic salary and a €250,000 bonus.

He was previously managing director of Kingspan's off-site division and general manager of its insulation business in Ireland.

In the annual report, Gene Murtagh said he remained confident that Kingspan's strategy of expanding the company's geographic balance and its emphasis on proprietary and differentiating technologies will continue to deliver growth.

"The only question is at what pace this will happen, which depends in part on the rate of global economic recovery," he said.

Kingpsan's turnover rose 30pc last year to €1.55bn while trading profit increased 33pc to €95.7m.

Irish Independent