The CEO of CRH, an Irish construction materials corporation, Albert Manifold, is offloading shares worth £15.3 million (€19 million), as the latest Stock Exchange filings reveal. CRH’s CFO, Jim Mintern, is also set to sell shares valued at £2.3 million (€2.84 million), the company declared.
The disclosed intent to sell came via a sale proposal notification, a requirement that US-listed firms must meet when executives intend to divest shares. Subsequent to its de-listing from the Irish Stock Exchange in the previous year, CRH has majorly traded on the New York Stock Exchange.
Before the shift to New York, Albert Manifold held the position of the highest-paid CEO on the Irish Stock Exchange. A survey conducted by the High Pay Centre, an organization tracking executive remuneration, ranked him as the third-highest earning executive on the FTSE 100.
In 2022, Manifold’s earnings amounted to €12.1 million, a decline of 13% from his earnings in the previous year, due largely to a decrease in company pension contributions and a dip in the value of his awarded stocks as a result of falling share prices.
Further details about his 2023 pay package are yet to be disclosed, but it is likely to include his basic salary, shares, and options received under the company’s incentive programmes. Manifold also made several open-market sales of his shares in the prior year, including shares worth €8 million in March and €3 million in September.
The 2023 full-year earnings of CRH were announced last week, showing a 15% annual increase in adjusted earnings before interest, tax, depreciation, and amortisation (Ebitda) to $6.2 billion. The company projects a further earnings boost of 5-10% this year, reflecting a range of $6.55 billion to $6.85 billion.
The company also plans to expend $35 billion this year on a mix of acquisitions, investments, and payouts to shareholders. The company’s shares were trading at roughly $83 as of Wednesday, a significant rise from approximately $66 at the year’s commencement.
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