Stan McCarthy gives €162,000 in Kerry Group shares to charity
Outgoing CEO of Kerry Group set to step down from role in September
Stan McCarthy of Kerry Group: understood to have donated some proceeds from share sales for philanthropic purposes in the past. Photograph: Dara Mac Donaill
Kerry Group’s outgoing chief executive, Stan McCarthy, has donated €162,580 worth of shares in the food ingredients group to charity, the company disclosed in a stock exchange filing.
The figure equates to less than 5 per cent of the executive’s $4 million (€3.68 million) remuneration package for 2016.
At the end of last year, Mr McCarthy held 127,105 shares in the company, valued at more than €10 million. The stock exchange announcement on Thursday said the executive gifted 2,000 shares in the company at a price of €81.09 each.
It is understood Mr McCarthy has, in the past, handed over some of the proceeds from share sales for philanthropic purposes. A spokesman for the company declined to comment on the transactions.
Mr McCarthy is preparing to retire in September after nine years in the role. He will be replaced by fellow Kerry native Edmond Scanlon, president and chief executive of Kerry Asia Pacific, who joined the company 20 years ago on a graduate programme.
Kerry Group reported €750 million of trading profits last year on €6.1 billion of sales. The long-standing Kerry Group chief executive is set to join the board of Ryanair as a non-executive director at the end of May.