Mr David Gavagan received a package worth £250,000 to compensate for loss of office when he resigned as an executive director of holding company DCC in September last year. The DCC annual report shows that he received a compensation payment of £100,000 and that a special pension contribution of £100,000 was made on his behalf. Mr Gavagan left to pursue other business interests, according to the company.
The report also shows that executive directors of company, including chief executive Mr Jim Flavin, received total remuneration of £474,000 in the year to March 31st, 1996. This was split between Mr Flavin, the other remaining executive director Mr Morgan Crowe and Mr Gavagan who was an executive director for six months during the period.
The three shared £344,000 in basic salary and £43,000 in benefits which related mostly to company cars. There were no performance related emoluments in respect of the two years to March 1996, but the company made pension payments totalling £87,000 on their behalf.
The three non executive directors Mr Tony Barry, Mr Patrick Gallagher and chairman Mr Alex Spain shared remuneration of £84,000, an increase of 2.4 per cent.
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