Belfast Telegraph

Smurfit Kappa director pay totalled £8m last year

By John Mulligan

Executive director pay at packaging giant Smurfit Kappa totalled €10m (£8m) last year, as Tony Smurfit took over the helm of the company from Gary McGann.

The company's annual report, published yesterday, shows that Mr Smurfit, who succeeded Mr McGann as chief executive last September, was paid a total of €1.5m (£1.2m) in 2015, with an additional total benefit of €1.8m (£1.4m) under the group's long-term incentive plan (LTIP).

Smurfit Kappa has operations in Newtownabbey and Craigavon.

That total of €3.3m (£2.6m) compared to the total €4.9m (£3.9m) Mr Smurfit was paid in 2014. Mr McGann, who retired as chief executive in August, was paid a total of €3.3m (£2.6m) last year.

That included almost €1.7m (£1.4m) from his basic salary and bonus, as well as payments under the LTIP that brought the total to €3.8m (£3m).

Chief financial officer Ian Curley, who has announced that he'll leave the group this month, was paid a total of €2.8m (£2.2m) last year, which included €1.2m (£950,000) in salary and bonus, and the remainder as part of the LTIP.

The amount of pay due to the chief executive was also revised last year.

"Following the appointment of Mr Smurfit as group chief executive officer, the (compensation) committee, taking into account advice from its external advisors, set the salary for the new group chief executive at €1.1m (£870,000)," the report said.

"The committee was also mindful that there was no current intention to appoint a replacement group chief operating officer," the report added.

Belfast Telegraph