Outgoing DCC chief Tommy Breen’s remuneration hits €5.3m
Finance chief to receive €575,000 of stock as he helps with transition at the top
Outgoing chief executive Tommy Breen’s pay packet boosted by a bigger bonus
DCC’s outgoing chief executive Tommy Breen saw his remuneration rise to €5.3 million in his last full year in office, according to the fuel distribution-to-technology sales group’s latest annual report.
Mr Breen (58), signalled in April that he would step down in July after nine years at the helm. He received a total of €4.3 million in compensation for DCC’s previous financial year through March 2016.
The increase in the most recent year was driven by his bonus rising to almost €1.4 million from €884,000 and from benefits under the company’s long-term incentive plan, which rose to €2.3 million from €1.7 million.
The Dublin-based conglomerate reported last month that its full-year operating profit surged by 21 per cent to £345 million (€393.6 million) as its largest division, DCC Energy, benefitted from European filling station and gas firm deals and sterling weakness following the Brexit referendum.
Mr Breen will be replaced at the top by Donal Murphy, currently head of DCC Energy. His existing domain will be split in two following his promotion: liquefied petroleum gas (LPG) and retail and oil, headed up by Henry Cubbon and Eddie O’Brien, respectively.
Mr Murphy’s remuneration rose to €2.78 million last year from €1.95 million, while chief financial officer (CFO) Fergal O’Dwyer’s compensation jumped to €3.39 million from €2.31 million.
The report showed that Mr O’Dwyer is set to receive a one-off award of €575,000 worth of shares in the company, partly “to recognise his additional responsibilities” and to support the “transition to chief executive”.
“For the avoidance of doubt, if the CFO leaves to take on the equivalent role elsewhere, the shares will not vest until DCC is informed of his retirement from any equivalent role,” the report said.
The Irish Times reported last month that Mr O’Dwyer had given the group assurances that he remains committed to the company for the near term as it prepared for the early retirement of Mr Breen.
Mr O’Dwyer (57) has served as CFO at the group since 1994.