Upon retiring as the past managing director of Glanbia, Siobhán Talbot enjoys a well-deserved rest. The Kilkenny-based food firm awarded her a hefty remuneration package, totaling €7.95 million last year. Figures in Glanbia’s recently published annual report reveal that Talbot, whose tenure concluded on December 31st, saw an increase of €38,000 in her base annual compensation, amounting to €1.144 million last year. Despite a small rise in her yearly cash reward and deferred stocks, each amounting to €1.4 million, her most sizable earnings came from her long-term incentive plan (LTIP) which granted her €3.49 million, a rise from the €2.2 million she received the prior year. In total, she pocketed over €1.6 million more than her earnings in 2022.
Furthermore, Mark Garvey, the chief financial officer, saw a favourable mileage in his upcoming package, with an increase from €2.9 million in 2022 to €3.6 million largely due to a boost in his LTIPs, which rose to €1.5 million from €974,000. Despite the considerable remuneration, most Glanbia shareholders will likely accept it.
In 2023, the company’s shares saw an increase of about 25%, slightly better than the broader Iseq Overall Index. In her leadership, Talbot led a major transformation of the company initially started by her predecessor, John Moloney. The shift turned away from dairy and toward primarily US consumer fitness goods, becoming famous for their supplements like Optimum Nutrition.
Despite previous oppositions by investors against executive pay awards, these seem to have diminished. Despite Clearway Capital’s call for a business split, Glanbia, under new CEO Hugh Maguire, shows no signs of heeding this advice.
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