Former Dublin Airport chief executive Kevin Toland could be paid more than €2 million in his first year with his new employer, Irish-Swiss food group Aryzta.
Mr Toland left DAA this summer and last month succeeded Owen Killian as chief executive of Aryzta, a listed supplier of bread and cakes to convenience stores.
Aryzta’s annual report for 2017 shows it will pay Mr Toland 969,000 Swiss francs, or €847,000, during its 2018 financial year, which ends on July 31st next.
On top of that, he will receive a pension contribution coming to 20 per cent of his basic salary and a bonus of up to 150 per cent of that figure.
In total, that would amount to just over €2.28 million based on current exchange rates. That excludes a long-term incentive plan, under which he could receive shares in the company valued at twice his salary, subject to Aryzta hitting agreed targets under his leadership.
Mr Toland’s total package with DAA came to just under €400,000 last year. Of this, €250,000 was his basic salary while the rest was pension and benefits.
According to the report, Mr Killian was paid 1.76 million Swiss francs (€1.5 million) in salary, pension and bonuses in Aryzta’s 2017 financial year, of which 1.27 million Swiss francs was basic pay.
Aryzta had paid Mr Killian the equivalent of close to €2.2 million in 2016. While his salary remained the same, he received a bonus last year of almost €840,000, compared with just €186,000 in 2017.
The report indicates that Mr Killian received at least €2.2 million, twice his salary, when he left the company March 2017.
It states that under his contract, he was entitled to one year’s notice – fully paid – and one year’s pay plus a short-term bonus, for not joining a competitor.
Aryzta’s report says it intends altering its executive pay policy to “incentivise” management to pursue goals set out by the board’s remuneration committee.
