FYFFES EXECUTIVE chairman David McCann’s total pay package increased by 36 per cent last year, according to the company’s annual report.
The fruit importer’s operations lost €1.4 million last year, partly on the back of a €28.6 million hit from its property investment associate, Blackrock International.
It ended the year with €128,000 in pretax profits, compared with €13 million in 2007.
According to its annual report, published yesterday, Mr McCann earned €1.12 million in salary, bonuses and other payments in 2008, up from €821,000 a year earlier.
The 2008 figure included a payment of €230,000 related to prior years.
The role of chief executive officer was split among the company’s executive directors last year after the resignation of Jimmy Tolan.
That will lead to a “significant reduction” in total pay in 2009, the report says.
Mr McCann’s fellow executives Coen Bos and Tom Murphy received a total of €581,000 and €459,000 respectively.
All three were paid performance bonuses. Mr McCann was paid €225,000, Mr Bos €165,000 and Mr Murphy €130,000. Both of their salaries were slightly up on 2007, while their bonuses remained the same.
Fyffes paid Mr Tolan a total of €146,000 before he resigned last year.
The group’s total executive pay bill for 2008 came to €2.3 million, down on the €2.4 million it paid key managers in 2007.
Mr Tolan’s departure explains the difference. He received €592,000 in 2007.
