Kerry chief received over €1.5m in pay and bonuses

KERRY GROUP chief executive Stan McCarthy was paid just over €1.5 million in pay and bonuses in 2008, his first year in the role after succeeding Hugh Friel.

According to the company’s annual report, Mr McCarthy was paid a basic salary of €810,000 with a bonus of €578,000 and pension contribution of €104,000.

Overall executive remuneration increased from €4.1 million to €4.3 million last year.

Denis Cregan, deputy chief executive, retired as an executive director in May last year while Gerry Behan was appointed chief executive of Kerry’s US ingredients and flavours division. Mr Cregan remains contracted to the company in an advisory capacity.

Directors’ remuneration totalled €5.2 million in 2008, down from €6.4 million in 2007. Kerry paid almost €600,000 in consultancy and other fees to former directors last year.

In a statement within the annual report Mr McCarthy reiterated his confidence that Kerry would see earnings in the range of 160 to 165 cent this year despite “contracting economic activity in virtually all consumer markets”.

This year Kerry has completed the purchase of three companies for a combined €98 million.

These include Belgian flavourings business Dera Holding, Costa Rican ingredients firm Prima SA, and UK-based pastry manufacturer G Adams Pastry.

Kerry reported a marginal increase in pretax profits to €316.7 million last year and a 6.3 per cent increase in like-for-like sales revenue to €4.8 billion.

Adjusted earnings per share rose 7 per cent to 153.9 cent with the company proposing a full-year dividend of 22.5 cent, up 12.5 per cent on the previous year. This will be paid on May 22nd.