Executive pay fell at Kerry Group last year as lower earnings per share (EPS) growth led to a reduction in performance-related bonuses, writes Una McCaffrey

Chief executive Mr Hugh Friel saw his overall remuneration decline by 5 per cent to €1.07 million, down from €1.12 million in 2002.

Mr Friel's package included a basic salary of €600,000 and a performance-related bonus of €303,000. This compared with a basic pay of €575,000 and a performance-related bonus of €445,000 in the previous year.

The total remuneration paid to Mr Denis Cregan, Kerry's deputy chief executive, dropped by 4 per cent to €899,000 last year. This came as his salary rose from €475,000 to €500,000 but his bonus decreased from €368,000 to €253,000.

A spokesman for the food group said the lower bonus payments reflected a fall in EPS growth at the company last year.

Kerry also confirmed yesterday that it had completed the acquisition of food pharmaceuticals firm, Quest Food Ingredients, from ICI for $440 million (€365 million).

Quest has operations in 23 countries, including a facility in Cork.