Displaying items by tag: Chief executive pay

30th March 2023

Irish Continental Group (ICG) Chief Paid €2.9m as Ferry Group Defends Chair’s 19-year Tenure

The pay package of Irish Continental Group’s chief executive, Eamonn Rothwell has jumped almost 250 per cent to €2.9 million last year, as the parent company of Irish Ferries, operating Ireland-UK routes and between Ireland and France, returned to profit after the pandemic.

In addition to Irish Ferries running its fledgling UK-France service on the Dover-Calais route that was launched in June, 2021 in the wake of Brexit, which has expanded into a three-ship service (see related story).

Last year, Mr Rothwell also collected €4.28 million of dividends on his 17.7 per cent stake as the Dublin based company, had handed out €24.2 million of such payments to shareholders, including an interim dividend for 2022.

According to ICG’s annual report, released on Tuesday, showed Mr Rothwell received a 20 per cent rise in basic pay last year – to €700,000. In addition the Chief Executive secured a €1.38 million bonus by way of restricted shares, which have a five-year disposal restriction.

As for share options, they were awarded under a performance share plan that was valued at €814,000, while other benefits amounted to €35,000.

The company which has its head office located in Dublin Port, earlier this month reported an operating profit of €66.7 million for 2022, a year in which revenues soared almost 75 per cent compared to pandemic-stricken 2021.

As The Irish Times (which has more) reports on the company that made losses at both operating and net earnings level in 2020 and 2021.

Whereas revenues at the maritime transport group had increased by €250.4 million to last year’s €584.9 million.

To consult the annual report in full, click this link.

Published in Irish Ferries

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