Sunday 18 March 2018

Pay packets for C&C executives increase more than half over last year

Peter Flanagan

Peter Flanagan

THE executive directors at C&C saw their pay packets rocket by more than half last year.

The annual report for the cider maker shows former chief executive John Dunsmore took home a whopping €1.46m for the year to February 2012, up from €989,000 in 2010.

Mr Dunsmore received €700,000 in basic salary, plus €420,000 of bonus payments and €175,000 in pension contributions

The then-chief financial officer Stephen Glancey, who replaced Mr Dunsmore in the top job earlier this year, made €1.1m -- an increase of a third on his previous year's remuneration of €724,000. His basic salary was some €534,000, while he earned an annual bonus of €419,000. Pension contributions for Mr Glancey totalled €134,000.

Chief operating officer Kenny Neison ended the year on €748,000. He earned €405,000 in 2011 -- an increase of 84pc year-on-year. His compensation included a basic salary of €334,000 and bonus of €301,000.

Mr Neison took Mr Glancey's position as CFO when he stepped up to the top job.

Overall, the remuneration for executive directors surged some 57pc, while non-executive director compensation rose around 8pc. The only non-executive to see his pay increase was chairman Brian Stewart, who earned €230,000. That was 29pc higher than the chairman's salary in 2011.

Last year C&C reported increased profits of some 9pc to €92.2m despite a slide in revenue to €716.7m.

The increases came as part of new employment terms following the renegotiation of the three executive's contracts. The previous deals, signed when they joined C&C in 2008 expired at the end of the 2011 year.

The details came a fortnight after the company said it had stabilised its position in Ireland, and confirmed there would be no further cuts at the company's base in Clonmel. Staff in Ireland received a bonus in the low four figures this year.

"Magners exports increased some 28pc during the year and much of that comes from Clonmel. On the contrary to reducing numbers there, we are awarding bonuses to staff," Mr Glancey said at the time.

The company is now focused almost entirely on the cider market, where it has the Bulmers Original and Magners brands, as well as Gaymers cider. It also owns Tennent's lager.

Speaking to reporters a fortnight ago after the company reported its annual results, however, Mr Glancey said the company had the capacity to spend up to €500m and would not contain itself to the cider and beer markets, launching speculation the company may look to get back into soft drinks.

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