Glanbia boss Siobhán Talbot sees salary jump 73% to nearly €6m

Glanbia managing director Siobhán Talbot saw her salary jump by 73 per cent to almost €6 million last year as the Kilkenny-based food group posted record revenues.

The company’s latest annual report, published on Friday, showed Ms Talbot’s total remuneration for 2022 came to €5.99 million, up from just under €3.5 million in the previous year.

Her remuneration was comprised of a basic salary of €1.1 million, up 2.8 per cent on the previous year; €2.4 million under the company’s annual short-term incentive plan; and €1.87 million under the company’s long-term incentive plan.She also received additional benefits worth €567,000 but no pension contribution for 2022.

The next highest paid executive in the company was group finance director Mark Garvey, who received a total pay package of just under €2.8 million, up 52.5 per cent on the €1.8 million he received in 2021.

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His remuneration was comprised of a basic salary of €612,200, up 2.8 per cent on the previous year; €1.09 million under the company’s annual short-term incentive plan; and just under €831,000 million under its long-term incentive plan. Mr Garvey also received additional benefits worth €93,000 and a pension contribution worth €153,000.

The chair of the company’s remuneration committee Jane Lodge said the annual incentives awarded in 2022 were the first “to be made under the new policy, with the maximum opportunity for the group managing director and group finance director being 250 per cent and 200 per cent of salary respectively”.

Earlier this month Glanbia reported record revenues of €5.6 billion for the 12 months to the end of December, up 21.2 per cent on a constant currency basis from €4.2 billion in 2021 while its top-selling Optimum Nutrition brand become the company’s first billion dollar brand. The suite of protein powders sold under label generated just over $950 million in revenue but passed the $1 billion mark in terms of retail value.

Ms Lodge also noted that 2022 saw Glanbia deliver its highest earnings ever in terms of adjusted earnings per share (EPS), with growth in adjusted EPS from continuing operations of 17.6 per cent constant currency against the originally guided range of 2-8 per cent.