SBP: Top Eircom bosses to earn €16.5m

damien

http://www.thepost.ie/post/pages/p/story.aspx-qqqt=NEWS-qqqs=news-qqqid=14978-qqqx=1.asp

The four already received €29 million from the company by the time it floated in 2004, bringing their total earnings in the last five years to €45.5 million. The figures include the €2.1 million in annual salaries for last year and €1.36 million in performance bonuses they received in recent weeks.

Chief executive Phil Nolan will receive the biggest pay, netting almost €8 million by the time the sale goes through. This includes €6.5 million from cashing in shares and share options, about €4.5 million of which is from shares he bought himself in 2004. It also includes his €769,000 salary and a €580,000 bonus.

It is understood that Nolan plans to leave the company once the takeover is complete and Babcock& Brown will appoint a new external chief executive. This will put Nolan in line for another pay-off of at least €1 million when he leaves. Finance director Peter Lynch is set to reap €3.2 million, comprising €2.42 million from the sale of shares and options, a salary of €507,000 and a €297,000 bonus for last year.

Eircom’s head of retail Cathal Magee will receive €3 million, including €2.3 million from shares, and €794,000 in salary and bonus. Commercial director David McRedmond will receive €2.2 million from shares, options, salary and bonus. The multimillion-euro payouts will arise from the €2.4 billion takeover of the company, due to be approved at an extraordinary general meeting next month.

The four top executives have been in place during two previous ownership structures; it is not clear how many of them intend to stay on after the takeover has been completed. There have been several big opportunities for the executives to enhance their earnings in the last five years.

After Eircom was taken private by the Tony O’Reilly-led Valentia consortium in 2001, it raised a €2 billion bond which triggered special bonus payments to top executives. When the company was refloated on the stock market in 2004, fresh share options were allocated to the senior management.

When these new figures are added to their total earnings between 2000 and the second flotation, the figures reach several million euro each.

Nolan’s total earnings since joining Eircom in 2002 will reach €21 million. Lynch’s total earnings since 2001 will reach €8.9 million, while Magee will have earned €8.8 million. McRedmond will have earned €6.8 million since joining, after the company was taken private.

eircomtribunal

And our best friend David McRedmond, is rumoured to change to AnPost!

P.

eircomtribunal

And Philip Nolan, whose only interest in his eircom years was to line his own pockets, goes on again about how it is time to scrap telecoms regulation here
Some deja vue experience. Dermot had at least had the guts to send our card to Philip, but in the end nobody in the government was prepared to seriously put an end to Eircom's monopoly misuse for fear of upsetting Mr O'Reilly and/or Mr. Scanlon.

P.

damien

eircomtribunal wrote:

And our best friend David McRedmond, is rumoured to change to AnPost!

Who wants to start a Postal lobby group?