THE chief executive of Waterford Foods, Mr Matt Walsh, and the former finance director, Mr Michael Dempsey, shared a total of £355,000 in salary and other entitlements last year, down from £389,000 the previous year, the Waterford annual report shows.
Basic salaries for the two executive directors last year were £295,000, compared to £285,000. The main change from the previous year was that no performance related bonus was paid for 1996 compared to a bonus of £47,000 in 1995. Pension contributions were virtually unchanged at £56,000.
Mr Dempsey resigned as finance director on May 27th, but as the annual report only covers 1996, no details of any severance package are included. He is thought, however, to have received in the order of £500,000.
The annual report shows Mr Dempsey has just over 151,000 ordinary Waterford shares worth over £241,000 if the Avonmore merger proposal is approved.
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