The total pay awarded to Glanbia chief executive John Moloney almost halved last year, according to the food group’s annual report.

It shows Mr Moloney’s basic salary was €457,000 last year, which grew to €587,000 when pensions and other benefits were taken into account.

Geoff Meagher, who retired as executive director during the year, also saw his pay fall dramatically, from €714,000 in 2008 to €199,000 last year.

Kevin Talbot, who heads up Glanbia’s US operations, received a total package of €472,000, a drop of 38 per cent on the previous year.