Kerry: Basic salaries of 3 executive directors to increase by 3.3% in 2025
The basic salaries of Kerry Group's three executive directors - the chief executive officer, chief financial officer and president and CEO of Kerry Taste & Nutrition - will be "increased by 3.3% in 2025", according to the group's 2024 annual report.
Kerry detailed in the report that "in line with the approach taken last year, the increases for the executive directors are again below the 2025 increases available for the wider workforce population in Ireland and the US (both at 3.5%)".
It also outlined in the annual report that the CEO "participates in the general employee Irish defined contribution scheme" and the CFO "receives a taxable cash allowance based on a percentage of basic salary, in lieu of pension".
Meanwhile the CEO T&N "participates in a US-defined contribution scheme and a US-defined benefit pension scheme".
The annual report also outlined that the pension contribution rate for executive directors"is aligned" to that of Kerry’s wider workforce in Ireland -currently a rate of 10%.
According to Kerry "no substantial increases" are proposed for non-executive directors for 2025 and in line with the group's remuneration policy, an annual increase of 3.3% will be applied to the base fee paid to the chair and non-executive directors.
In the annual report the group also stated: "This increase is lower than the increase available to the wider workforce in Ireland.
"No increases will be applied to committee membership fees, committee chair fees or any other fees."
The annual report for 2024 also sets out details of Kerry Group's executive directors' renumeration packages for last year.
In the annual report Kerry's CEO, Edmond Scanlon, also referenced the sale of Kerry Dairy Ireland - which completed on December 31, 2024, and which he said represented "a significant step and a natural progression in Kerry’s 50 year journey".
"The result of the sale is a global leader in taste and nutrition solutions and an end-to-end industry leader in dairy.
"Kerry is now a pure play global business-to-business taste and nutrition company, with sustainable nutrition at our core, with this transaction supporting our financial objectives of continued market outperformance, strong margin progression and delivering returns for our shareholders.
"Both businesses are well positioned for success, thanks to the dedication and extraordinary contribution of our people over the years, and we wish our Dairy Ireland colleagues all the best in the future," Scanlon added.
