Glanbia PLC’s chief financial officer, Mark Garvey, has received a “retention” award of 42,545 ordinary shares.
The value of the retention award is based on Garvey’s annual salary and the average share price for December 2023.
According to a regulatory notice released by Glanbia the “average share price for the month of December 2023” was €15.47.
The plc had previously disclosed that the base salary of the group CFO increased by 4% from €633,015 to €658,336 from January 1, 2024 – this does not include other benefits including pension contributions or short and long term incentive plans.
Glanbia had signaled in its 2023 annual report that the board had agreed that it “was important to ensure retention of Mark Garvey to support our new group CEO in driving group performance”.
Hugh McGuire, was appointed CEO and executive director of Glanbia in January 2024.
Garvey first joined the plc in 2013 and had previously held a number of senior finance roles in the Sara Lee Corporation in the United States and Europe and had also worked with Arthur Andersen in Ireland and the US.
In the 2023 report Glanbia stated: “The board decided that, subject to the group CFO agreement to remain with the group for at least 24 months from January 2024, he should receive a special retention award of shares”.
Glanbia
Glanbia stated: “The award will vest subject to the group CFO remaining in employment for
a two year period to December 31, 2025.
“There will be a further 12 month holding period subject to any sales to pay taxes on vesting.”
According to Glanbia its largest shareholders – which include Tirlán – “are very supportive of Mark Garvey as an exceptional group CFO and a critical member of our management team”.
It also detailed in the 2023 annual report that the retention award was “a one-off exceptional award in unusual circumstances”.
Glanbia outlined in the report: “Our group CFO is highly regarded by the external market, holds Irish and US citizenship and has considerable experience working in the US in prior
roles.
“In the board’s view, the group CFO could easily transition to a US-based role where market rates of remuneration are significantly higher”.