Tony Smurfit, CEO of Smurfit Kappa, revived a 40% pay increase in remuneration last year, according to the Irish Times.
Company accounts show that Smurfit was paid €3.4 million in 2018, including a basic salary of €1.1 million and a bonus of €1.6 million.
The Irish publication reported that the increase came as SKG resisted a number of takeover attempts from American rival International Paper.
The American company valued SKG at €9 billion at the time, but it has seen its value fall by €3.4 million since.
At the time Smurfit Kappa rejected IP’s offer, it insisted that it was better served acting as an independent company.
As a result of Irish regulations, IP was prohibited from making another approach for the group for one year, a ban which is due to end in the next two months.
© 2019 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click sign-up to subscribe to Checkout.