INM revealed today (30 April) that total salary and bonuses packages for its five executive directors – who include O’Reilly, his son Gavin, who is currently chief operating officer and is soon to be chief executive, and Ivan Fallon, chief executive, INM UK – dropped from nearly €8m in 2007 to just under €5m last year.
O’Reilly senior earned a salary of €1.02m, plus a pension of €450,000, to total €1.5m, down from €2.2m in 2007.
Gavin O’Reilly took home €978,000, which included a salary of €680,000, as well as pension contributions of €263,000.
Fallon accumulated a total package of €800,000, down from €1.6m in 2007, including a salary of €546,000 and a pension of €99,000.
In March, INM announced that O’Reilly senior is to retire as chief executive on 7 May, his 73rd birthday, to be succeeded by his son.
Vincent Crowley, chief executive of INM Ireland, received €982,000, including a salary of €936,000.
Publication of the emoluments - total remuneration including salary and bonuses - followed a separate announcement this morning of INM’s 2008 financial results, which revealed its UK operations clung on to profitability in 2008, after pre-tax profits slumped by nearly 99% year on year in 2008, to just €200,000, following a dive in circulation and ad revenues.
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