Kerry CEO receives bumper salary rise for 2019

CEO of Kerry Group Edmond Scanlon received a pay increase following a successful year for the dairy and agri-food giant in 2018.

The CEO received almost €2.6 million in total remuneration in 2018, according to Kerry.

Kerry Group, which published its annual report for 2018 this morning (Friday, March 29), saw group revenue of €6.6 billion in 2018; up €200 million on 2017 figures, and matching preliminary results for the year.

Volume growth rose by 3.5%, while net cash from operating activities of €651 million was recorded. The group’s trading profit rose 3.1% to €806 million, with free cash flow of €447 million.

Scanlon, whose base salary upon his appointment as of October 2017 was at €1.05 million, had his salary reviewed and benchmarked at the Kerry Remuneration Committee’s request in 2018.

Following the review, which found the salary to be “significantly lower than median for the marker reference peer groups”, the committee decided to increase Scanlon’s base salary for 2019 by 8% (€84,000) together with a standard inflation increase of 2.5% (€26,250) as provided to the general workforce and executive team.

For 2019, the basic salaries of the CFO and the CEO of Taste and Nutrition will be increased by 2.5% and 3% in line with the standard wage inflation available to the general workforce in Ireland and the US respectively

In terms of overall remuneration, as well as base salary, Scanlon received remuneration worth €34,000 in benefits, €200,000 in pensions, short-term incentive plan earnings of €948,000 and long-term incentives worth €345,000 – bringing his total remuneration to €2.58 million, between shares and cash.

In terms of remuneration for other executive directors at the firm last year, Brian Mehigan, Kerry chief strategy officer, earned a total remuneration of €2.29 million; Gerry Behan, president and CEO of Kerry Ingredients and Flavours Americas, received €2.6 million; and Marguerite Larkin, who was appointed as CFO of the group on September 30, 2018, received €352,000.

Behan also received USD$3.13 million in American currency.