Glanbia’s former group managing director (MD) took home a pay packet totalling more than €7.9 million last year, according to the group’s latest annual report.
Siobhán Talbot, who stepped down from the role last December after a decade at the helm of the group, also had an additional 12 month restrictive covenant agreement with Glanbia.
As a result of this non-compete restrictive covenant she will receive 12 months’ base salary – worth €1,144,002 – payable in 12 equal monthly instalments.
Talbot, who continued to be employed in the business through January also received her base salary, benefits and pension allowance- totaling €117,607 – until she retired on January 26, 2024.
The Glanbia group comprises Glanbia Performance Nutrition, Glanbia Nutritionals and strategic cheese joint venture operations.
The latest annual report highlights that Glanbia delivered its highest earnings in terms of earnings per share in 2023 – profit, cash and return on capital employed all grew last year.
It also details the contribution that Talbot had made to the “strategic evolution” of Glanbia.
According to Glanbia’s 2023 annual report the base salary of the group managing director and the group chief financial officer (CFO) Mark Garvey, increased by by 3.4% to €1.14 million and €633,015 respectively from January 1, 2023.
The report also outlines that to “ensure the retention” of Mark Garvey the group CFO will receive a special retention award of shares.
“This retention award will be an award of 42,545 shares with a value of one times salary; calculated using the volume weighted average Glanbia share price for the month of December 2023 which is €15.47,” the group stated in the financial statements contained in the annual report.
Glanbia said its shareholders were “very supportive of Mark Garvey as an exceptional group CFO, and a critical member of our management team and understand the importance of retaining him during this period of transition for the business”.
But it added that it was “a one-off exceptional award in unusual circumstances”.
According to Glanbia its group CFO “is highly regarded by the external market, holds Irish and US citizenship and has considerable experience working in the US in prior roles”.
“In the board’s view, the group CFO could easily transition to a US-based role where market rates of remuneration are significantly higher,” it was stated in the annual report.
The base salary of the group CFO was increased by 4% from €633,015 to €658,336 from January 1, 2024.
Meanwhile the annual report also detailed that Glanbia’s new chief executive officer (CEO) Hugh McGuire, – who took over on January 1, 2024 – was appointed on a base salary of €1,000,000.