Eircom's former chief executive, Mr Alfie Kane received payments worth more than €3.8m when he left the company, according to results published today.
Mr Kane was paid 'compensation for loss of office' of €1.08m as well as pension contributions of €2.8m.
The 12 former directors of Eircom were an average of close to €70,000 each for work done during the sale of the company.
Mr Kane left the company at the end of last year following its takeover by Valentia Telecommunications. He had been chief executive for seven years.
Eircom has reported losses of €47 million for the year to the end of March 2002, on turnover of €1.7 billion, a slight fall on the previous year.
Total earnings before interest, tax, depreciation and amortisation fell 22 per cent to €514 million.
Operating profit before exceptional charges, exceptional depreciation and goodwill amortisation on subsidiary companies fell 38 per cent to €138m.