Friday 19 January 2018

The Punt: Earn a crust making dough

Aryzta boss Owen Killian
Aryzta boss Owen Killian

Its getting harder to earn a crust at global baked goods giant Aryzrta.

The total remuneration packages for executives at the Swiss-Irish business has dropped by about two thirds to 5.2m Swiss Francs (CHF), or €4.8m according in the company's 2015 annual report.

Talk about sliced bread.

Chief executive Owen Killian (pictured below), who has long been one of corporate Ireland's highest earners, saw his total compensation package drop from CHF6.1m (€5.6m) to CHF1.9m (€1.7m). While his basic salary of CHF1.3m (€1.2m) remained the same, Mr Killian was not awarded any performance related pay, a drop from CHF1.3m paid in 2014.

As well as his basic salary Mr Killian received pension contributions of €175,000, and CHF305,000 under the company's long-term incentive plan.

Aryzta was created in 2008 when Mr Killian merged IAWs with Swiss baked goods firm Hiestand.

In 2011 Killian earned €7m in pay, bonuses and shares, as he led the transformation of bakery group Aryzta from the Irish-focused IAWS croissant and agri-business firm into a global behemoth. However, management has been criticised recently after paying €446.6m for a stake in French frozen food group Picard.

Dempsey in the door at Staycity

Staycity, the Dublin-headquartered short-term apartment letting business, has appointed Patrick Dempsey as a non-executive director of the business.

Dempsey is a former managing director of Whitbread Hotels and Restaurants, the owner of the Premier Inn brand - one of the UK's biggest companies.

Dempsey has also taken a minority stake in Staycity, which was founded by brothers Ger and Tom Walsh, who is chief executive. It operates 1,000 apartments in eight European cities, including Dublin, London, Paris and Amsterdam.

Earlier this year, Irelandia, the investment vehicle headed Declan Ryan, sold its stake in Staycity having been an investor since 2007. Irelandia sold its 40pc stake as Sweden's Proventus Capital Partners. That valued the company at €40m.

Walsh said that it was a "real coup" to secure Patrick as a member of the board.

"In addition to his board commitment, Patrick has agreed to give more time to working with me on strategy," said Walsh.

"As a result of a personal investment in the business, he will also become a minority shareholder."

Peston to quit BBC for ITV

BBC's famed economics editor is defecting.

Robert Peston is known as much for his floppy hair and exaggerated reporting style as his analysis on the top economics events of the day.

But it's a blow for the Beeb given the fact that he was such a well-known face on the news channel.

Peston, who, as the BBC's business editor, broke the story of Northern Rock, will head up his own show on ITV, entitled 'Peston on Sunday' which is expected to go head-to-head with The Andrew Marr show on the UK state broadcaster.

The London Times reported yesterday that Peston is in line for a substantial pay rise, with ITV bosses reportedly agreeing to increase their initial £200,000 offer.

Peston joined the BBC as business editor in 2005 and is best known for breaking a string of exclusives in that role, starting with the Northern Rock affair.

He was appointed economics editor in October 2013.

It is believed that the BBC top brass fought hard to keep him, but it seems the economics editor isn't all that popular at times within the broadcaster, amid complaints in the UK press that he overruns his slots leading other stories to be bumped.

Irish Independent

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