Pay of Kerry Group CEO has more than doubled since 2009

The pay of Kerry Group chief executive Stan McCarthy has more than doubled to €3.5 million in the last four years.

Mr McCarthy took home a total pay packet of €1.75 million in 2009, but that remuneration has more than doubled since, climbing to €3.59 million last year, according to the company’s annual report.

Mr McCarthy’s remuneration package for 2013 consisted of a performance-related bonus of €683,000, in addition to a basic salary of €969,000 and benefit-in-kind and pension payments.

Kerry Group said the pay and bonus increases given to its chief executive were “justified” and based upon a number of metrics including operating profit, cash flow and adjusted earnings per share which all increased last year.

A spokesman said the pay was determined and signed off by the remuneration committee and was “well below international standards for a company of Kerry’s size”.

The company’s directors saw their basic salaries increase by 2.2 per cent on average last year, which Kerry said was in line with inflation. Overall, directors’ remuneration totalled €9.43 million in 2013, up from €9.15 million in 2012.

Group financial officer Brian Mehigan’s total remuneration package increased from €1.75 million in 2012, to €1.8 million last year. His pay package included a bonus of €319,000.

The group paid Flor Healy, head of Kerry Foods, €1.9 million last year, up from €1.69 million the previous year, while Gerry Behan, head of Kerry Ingredients & Flavours, saw his earnings remain virtually the same at €2.1 million.