Pay for Kerry Group CEO Scanlon rose to €4.5m last year
Kerry Group CEO Edmond Scanlon’s total pay increased to €4.5m last year, according to the food ingredients giant’s annual report.
The group’s chairman, former secretary general at the Department of Agriculture Tom Moran, was paid €405,000 in fees for his role.
In February Kerry reported a fall in revenues for 2023 to €8.020bn from €8.772bn the previous year, driven by the impact of disposals and foreign currency movements.
The annual report published on March 15 sets out further details including the pay of senior executives and director fees.
Mr Scanlon’s total pay last year was up from €3.899m in 2022, with the change largely down to vesting of shares. His base salary of €1.28m was up slightly on the previous year and compares with €1.05m when he took over the top job in 2017.
Group chief financial officer Marguerite Larkin’s total pay rose to €2.6m last year, including a salary of €793,000.
Gerry Behan, the US-based CEO of Kerry’s global taste and nutrition business, the most important part of the business and the arm that supplies higher margin products to international food producers, had total pay of €3.1m, including a $1m (€918,000) salary.
Meanwhile, the full year financial results for 2023 show Kerry Group’s earnings before interest, taxes, depreciation, and amortisation (Wbitda) were down 4.2pc from 2022 in a “challenging environment”.
However, the Ebitda margin, key to profitability, rose 60 basis points to 14.5pc.
Kerry’s taste and nutrition division saw volumes rise by 1.1pc year-on-year, while pricing was also up by 1.1pc in 2023. It recorded revenues of €6.98bn last year.
Revenues in Dairy Ireland were down 6.5pc to €1.28bn.
Kerry will pay a final dividend per share of 80.8c for 2023, with the total dividend for last year up 10.1pc to 115.4c.