Bonus pushes Crowley’s INM package to almost €1m

Vincent Crowley, the outgoing chief executive of Independent News & Media, took home a compensation package of almost €1 million in 2013.

Mr Crowley, who is due to depart the media company in the coming months, received a basic salary of €608,000, benefits in kind worth €20,000 and €121,200 in taxed cash compensation in lieu of future pension benefits.

Bonus
In addition he was paid a bonus of €250,000, taking his total cost to the company to €999,000.

A note to INM’s accounts said that Mr Crowley purchased 422,447 shares in APN News & Media, an Australian media company where INM is a large shareholder, as part of its recent capital raise.

INM did not participate in this capital raise because its annual report said it believed this was “not in the best interests of INM shareholders”.

Leslie Buckley, INM chairman, was paid €158,000. Non-executive director Paul Connolly was paid €50,000 but the report noted he was also paid €59,560 for consultancy services to APN.

Denis O’Brien is INM’s largest shareholder controlling 29.9 per cent of its shares. Like Mr Crowley he also participated in APN’s capital raise.

The annual report said during 2013 INM signed a business continuity agreement worth €100,000 with Another 9, a company where Mr Buckley is chairman and Mr O’Brien is a significant shareholder.